U.S. tax agency issues new answers for FATCA tax-law questions
The Internal Revenue Service has posted a new list of Frequently Asked Questions banks may have about the Foreign Account Tax Compliance Act FATCA became law in 2010. The law requires foreign banks to...
View ArticleAustralia sets out to minimise compliance costs with FATCA agreement
The Australian government has signed an intergovernmental agreement (IGA) with the U.S. to streamline financial institutions’ compliance with the Foreign Account Tax Compliance Act (FATCA). Under the...
View ArticleNon-FATCA compliant asset managers face potential fee increases from service...
Asset managers in Singapore risk failing to attract capital and could potentially face increases in service fees from their service providers if they do not comply with the U.S. Foreign Account Tax...
View ArticleNon-U.S. banks get transition period on FATCA tax law
The U.S. Treasury Department said on Friday that the Internal Revenue Service (IRS) this year and next will take into account “good faith efforts” by foreign banks to comply with a new U.S. anti-tax...
View ArticleU.S. Singapore reach FATCA agreement on tax evasion
Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a U.S. Treasury Department spokeswoman said on...
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 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 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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