FATCA News w/e March 27, 2015

Like last week, this week has been anything but a slow news week. Here are the top ‘stories’ for the week:

  1. IGA signed with Croatia[1]
  2. It is reported[2] that Panama signed an IGA with the US (March 25, 2015). (However, at the timing of writing, Panama was not yet listed amongst those jurisdictions whom have signed an IGA, on the US Treasury website.)
  3. BVI releases updated Guidance[3] and extends its US FATCA reporting deadline to June 30, 2015.
  4. New IRS FAQs on FATCA Reporting[4] have been posted.
  5. Proposal[5] to repeal the EU Savings Directive.
  6. In the UK, a Statutory Instrument[6], concerning DAC2, CRS and FATCA, was laid before the House of Commons, coming into force on April 25, 2015.
  7. Again, in the UK, the Consultation on “Implementing agreements under the global standard on automatic exchange of information” has concluded. Outcome[7].
  8. SIFMA Submits Comments to Treasury Department Regarding FATCA FAQ 10 Letter

 

Finally, a thank you to Josie Cuff, Bengt Bjorkberg and Arjen Simonis for their help on compiling a table on FATCA Reporting by Jurisdiction (Model 1 IGA jurisdictions)

http://haydonperryman.com/fatca-reporting-deadline-by-jurisdicion/

and a request to you to join us by adding what you know, by way of comment, directly on the website.


Latest edition of Guide to GATCA[8]




 

[1] http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Croatia-3-20-2015.pdf

[2] https://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/taxnewsflash/Pages/2015-1/panama-fatca-update.aspx

[3] http://www.bvi.gov.vg/sites/default/files/guidance_notes_-_20_march_2015.pdf

[4] http://www.irs.gov/Businesses/Corporations/Frequently-Asked-Questions-FAQs-FATCA–Compliance-Legal#Reporting

[5] http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:52015PC0129&from=EN

[6] http://www.legislation.gov.uk/uksi/2015/878/made

[7]https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417635/Implementing_Agreements_under_the_Global_Standard_on_Automatic_Exchange_of_Information_to_Improve_International_Tax_Compliance_-_summary_of_responses.pdf

[8] http://haydonperryman.com/supporting-documents/gatca/