The US Foreign Account Tax Compliance Act (Fatca) poses a genuine risk to the UK’s financial services, as the costs of implementing a compliant investment solution for US clients are simply too high, according to wealth manager London & Capital.
The French tax authorities have issued an eagerly awaited Tax Instruction confirming, for this year only, the deadlines by which trusts with French connections will need to file.
The US Treasury Department has today published new rules offering governments two options for how their financial institutions will comply with the impending Foreign Account Tax Compliance Act.
The head of a leading financial trade body in Australia has returned from a trip to the US highly confident that the North American government will exempt superannuation schemes from the controversial Foreign Account Tax Compliance Act (FATCA).
Like it or not, the US Foreign Account Tax Compliance Act is happening and is just around the corner. Here Royal London 360°s technical marketing manager, Neil Chadwick, explains its impact.
Recent press scrutiny of US presidential candidate Mitt Romneys use of a Swiss bank account which came to light with the publication of his 2010 tax return has prompted an American journalist to document his his own efforts to go to offshore.
The American tax collection agency, the IRS, has updated and issued new drafts of the W-8BEN and W-8BEN-E forms as it gears up for the implementation of FATCA next year.
Representatives from non-US financial institutions have called on the US to postpone implementation of FATCA, the package of regulations aimed at cracking down on tax evasion by US citizens who make use of non-US bank accounts and other financial instruments.
“Many” US and global banking industry executives believe that the majority of banks required to comply with the Foreign Account Tax Compliance Act (FATCA) will not be ready to meet its deadlines some of which begin on Jan. 1, 2013, a survey conducted by KPMGs US operation has found.
The Association of International Life Offices has written to the US Treasury seeking improvements to its proposed Foreign Account Tax Compliance Act.
The Investment Management Association has written to the US Treasury asking for a delay to the implementation of its FATCA regualtions.
Irish tax authorities are in discussions with their US counterparts over the possibility of entering into a “model agreement” for implementing Americas Foreign Account Tax Compliance Act.
