Officials predict failure for copycat FATCA regimes outside U.S.
With the UK set to be the next jurisdiction to implement a FATCA-like regime as the U.S. Foreign Account Tax Compliance Act takes effect on July 1, global governments’ efforts to clamp down tax evasion...
View ArticleAs FATCA looms, implementation and enforcement challenges persist
With the implementation of the Foreign Account Tax Compliance Act due on July 1 this year, financial institutions have only a month left to achieve compliance. Many in Asia expect FATCA to have an...
View ArticleUncertainties abound in Asia as FATCA deadline looms, seminar hears
Some of the remaining issues included uncertainties over whether and which model of IGA would be signed by jurisdictions, how to deal with non-compliance and the reconciliation and upgrading of...
View ArticleU.S. expats find their money is no longer welcome at the bank, post-FATCA
Imagine being excluded from the financial services industry because of your passport. That happened to Carrie Walczak, an American living in Germany, in May. She received a letter from Deutsche Bank...
View ArticleThree things to know about FATCA
The deadline is now fixed at July 1 2014, by which time participating foreign financial institutions (FFIs) must identify and report certain information to the Internal Revenue Service (IRS) regarding...
View ArticleChina’s FATCA pact driven by goal to hunt down Chinese citizens U.S....
A desire for reciprocal information exchange about Chinese citizens’ U.S. accounts lies behind Beijing’s signature of an intergovernmental agreement intended to combat overseas tax avoidance by...
View ArticleFATCA reporting calls for focus on timeliness, accuracy and the future
Since its enactment in 2010, the Foreign Account Tax Compliance Act (FATCA) has been one of the most hotly debated pieces of legislation to emerge from the United States, at least in financial services...
View ArticleOpinion: Don’t expect U.S. FATCA reciprocation any time soon
A key component in the implementation of the United States’ massive financial dragnet, the Foreign Account Tax Compliance Act (FATCA), was the promise of reciprocal information sharing with overseas...
View ArticleFifty-one countries sign OECD pact to tackle tax cheats
Finance ministers and tax chiefs from 51 countries signed an agreement on Wednesday to automatically swap tax information, which Germany’s finance minister said heralded the end of tax evasion via...
View ArticleThomson Reuters survey indicates FATCA compliance to cost more than anticipated
LONDON, November 6, 2014 – Financial organisations expect to exceed their original budget for FATCA compliance, according to a survey conducted by Thomson Reuters, the world’s leading source of...
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