A US congressman has introduced a bill aimed at deterring the use by American corporations of offshore tax havens, as the effects of an earlier US crackdown targeting individuals FATCA reverberate around the world.
Switzerland has adopted a simplified version of the US government’s FATCA tax legislation which was agreed by the two countries earlier this year.
The UK Government today announced that it is to develop and pilot a new “multilateral tax information exchange agreement” with four of its largest EU fellow members.
Carey Olsen has written a detailed briefing note on the background and possible components of the UK and US intergovernmental agreements, reporting arrangements for non-doms and implications for Guernsey financial services institutions.
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Jersey has ‘initialed an agreement with the US’ to comply with its pending Foreign Account Tax Compliance Act, and has also agreed an information reporting “package” with the UK.
Guernsey is preparing to finalise a draft tax disclosure agreement with the UK based on the principles of the US government’s Foreign Account Tax Compliant Act, which it is also implementing.
International finance centres are changing to meet the needs of an increasingly ‘tax conscious’ world. Guardian WM’s David Howell suggests the challenge for advisers will be to keep ahead of the game.
The Isle of Man has moved one step closer to signing a “mini FATCA” agreement with the UK, and has also announced that a new IoM tax disclosure facility with the UK will be launched in April.
The US Treasury and Internal Revenue Service last night issued the final regulations detailing how the Foreign Account Tax Compliance Act is to be implemented, ending weeks of speculation.
Irish and American officials today signed an agreement whereby Ireland has pledged to collect data on accounts in Irish financial institutions held by Americans, and provide it to the US tax authorities.
Ireland has become the latest jurisdiction to agree to an intergovernmental agreement with the US to implement FATCA. Final terms are expected to be worked through in the coming days.
