Category: FATCA

Ukraine, U.S. ratify agreement on FATCA de-offshorization

The bill foresees that the Ukrainian banks will open information about the accounts of U.S. citizens in this country; Ukraine, on the other hand, will not be able to get the respective information about Ukrainian accounts in the States The Verkhovna Rada of Ukraine has passed the document about ratification… – Continue reading

US IRS tells banks not to close accounts just because of missing tax ID number: FATCA

The US Internal Revenue Service has eased the rules of FATCA compliance by telling banks overseas that they are not required to close the accounts of their accidental Americans clients who have not provided their tax identification number by January 2020. FATCA was passed in 2010 and forces banks wanting… – Continue reading

Nigeria: Unprecedented Global Drive For Tax Transparency – The Nigerian Perspective

In the last few years, the international tax space has experienced an unprecedented drive to achieve increased transparency in the tax practices of Multinational Enterprises (MNEs) and individuals in order to curb tax avoidance and evasion. ... - Continue reading

Accidental Americans’ sue France over FATCA disclosure rules

A group representing French-American taxpayers  has filed a complaint against France with the European Commission over its compliance with the US Foreign Account Tax Compliance Act (FATCA), in a bid to avoid being blacklisted by French banks starting in January. France is a signatory to an agreement to give the… – Continue reading

Worldwide: Financial Institutions And Personal Data

Combating Tax EvasionIn recent years, there have been several high-profile prosecutions for the crime of tax evasion (for example the actor, Wesley Snipes, and the footballer, Lionel Messi). Governments around the world have been making a concerted effort in an attempt to tackle this problem. Their objective is for their respective tax administrations to work together so that taxpayers pay the correct amount of tax in the correct jurisdiction. ... - Continue reading

Dutch government asks banks to give American expats more time to deal with FATCA

The Dutch government is urging banks to be accommodating towards American nationals who risk having their bank accounts closed because of US fiscal regulations as it calls on EU member states to campaign together for changes to American tax laws which are affecting thousands who have American nationality but no… – Continue reading

FATCA blamed for one in five US expats planning to give up passport

One in five US citizens living abroad are on the verge of giving up their passports according to a survey published by US tax consultants Greenback. The Greenback survey – which was conducted by more than 3,000 US expats – studies the expat community’s opinions on taxation, citizenship renunciation, and… – Continue reading

IRS offers tax break to some American expats

The Internal Revenue Service (IRS) has outlined new procedures for some “accidental Americans,”, giving them the chance to comply with their US tax and filing obligations and in turn qualify for relief from back taxes, penalties and interest. The changes would allow people with less than $2m in net worth… – Continue reading

US-born British citizen launches crowdfunding campaign to stop FATCA

A US-born British citizen has started a crowdfunding campaign to stop HMRC sharing her personal information with the US Internal Revenue Service (IRS) under the US Foreign Account Tax Compliance Act (FATCA). Law firm Mishcon de Reya has taken on the UK case for a client who alleges HMRC is… – Continue reading

Ukrainian government approves bill ratifying FATCA

The Cabinet of Ministers has approved a bill to ratify the Agreement between the governments of Ukraine and the United States to improve tax compliance and application of provisions of the U.S. Foreign Account Tax Compliance Act (FATCA) and related bills, the Ukrainian Finance Ministry’s press service reported. “On September… – Continue reading

British citizens born in America face having bank accounts frozen

Tens of thousands of British citizens born in the US but only lived there for a few months or years face having their bank accounts frozen as part of a crackdown by the US tax authorities.    The Internal Revenue Service (IRS) is ordering British banks to hand over the… – Continue reading

A Huge Tax Break Went to a Politically Connected Company in New Jersey Despite Red Flags

Holtec International told New Jersey regulators that Ohio was competing for its new headquarters. But officials there stripped the firm of past tax awards for failing to create the jobs it promised.n January 2014, as Holtec International explored sites for a new national headquarters and high-tech manufacturing center, the New… – Continue reading

Oman to introduce Common Reporting Standards

Muscat: Oman, in line with its commitment to align itself with international best practices in tackling cross-border tax evasion and meeting the standards set by the European Union (EU) and the Organisation for Economic Co-operation and Development (OECD), is currently in the process of issuing regulations for automatic exchange of… – Continue reading

Canada: With Recent Regulatory Developments, Canadian Business Interest In Cayman Will Grow

Canada is home to some of the largest multinational corporations in the world, a bustling pension fund and private equity industry, and growing numbers of alternative investment, real estate, and insurance shops. With dynamic industry and growth in the region, Canadian business leaders are leveraging Cayman as a financial centre to help… – Continue reading

US IRS begins FATCA crackdown

After years of deliberation and debate spanning two administrations, the Tax Information Exchange (United States of America) Bill, 2016, also known as the Foreign Account Taxpayer Compliance (FATCA) Bill was passed in the Senate on March 7, 2017. This following its unanimous passage in the House of Representatives, two weeks… – Continue reading

Tax information exchange updates

The Cayman Islands Department for International Tax Cooperation has updated the relevant dates for reporting under the Foreign Account Tax Compliance Act and the Common Reporting Standard. The reporting deadline for CRS and FATCA remains May 31. The department announced that the late filing of 2018 CRS and FATCA reporting… – Continue reading

1.6 million Canadian banking records shared with IRS

CRA now transferring 600,000 banking records per year under controversial information sharing agreement The Canadian government has shared more than 1.6 million Canadian banking records with the U.S. Internal Revenue Service since the start of a controversial information-sharing agreement in 2014, CBC News has learned. In 2016 and again in… – Continue reading

Tax transparency watchdog urges Israel to step up moves against money laundering

After global index puts Israel in top third of most financially secretive countries, NGO calls for more public scrutiny and regulations to stop rich from hiding their assets Israel must immediately move to pass regulations against tax evasion and money laundering if it is to protect its credit rating and… – Continue reading

Bahamas Meets Tax Exchange Deadlines

The ministry of finance last night said The Bahamas had met the September 30 deadline to begin automatic tax information exchange (AEOI) with some 35 partner jurisdictions. Revealing that the first such exchange with another country had already occurred, the ministry said this further demonstrated The Bahamas’ commitment to meet… – Continue reading

Don’t make extra income a tax time headache

The Australian Taxation Office (ATO) is increasing its efforts to identify taxpayers who fail to report all their income this tax time, as it strives to recover an annual tax shortfall of nearly $1.4 billion caused by individuals who leave income out of their return. “Tax lost from under-reported income… – Continue reading

Can the PHL fully participate in ASEAN Taxation Cooperation?

(Second of two parts) Embracing the Automatic Exchange of Information (AEoI), whether in the form of FATCA and/or CRS, affects stakeholders ranging from the government and businesses down to the ordinary consumers of financial products and services. As such, the uncertainties arising from the supposed implementation are definitely not in… – Continue reading

ASEAN taxation cooperation via automatic information exchange

IN 2015, the ASEAN Economic Community (AEC) Blueprint 2025 was adopted as part of the ASEAN 2025: Forging Ahead Together plan. This collaboration charts the broad trajectories of ASEAN economic integration from 2016 to 2025. It aims to strengthen and reinforce by 2025 these five AEC characteristics: 1. A highly… – Continue reading

Rivers seeks support from US senators

(CNS): Financial Services Minister Tara Rivers was in Washington, DC, last week, trying to persuade US Senators and others that Cayman’s financial services industry is well regulated and adhering to tax transparency standards. Picking up from an earlier visit, the minister spoke with American lawmakers about the industry here and… – Continue reading

Rs. 2,476 cr collected as Tax and Penalty under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, says MoS Shiv Pratap Shukla

The Government has collected Rs. 2,476 as Tax and Penalty under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 said Minister of Finance for State Shiva Pratap Shukla in the Rajya Sabha. The Government of India has taken various steps for curbing the black money… – Continue reading

PWS: New Reporting Regulation Will Have Big Effect on Family Offices

A new agreement on international tax and financial information exchange aims to provide less opportunity to shelter wealth from taxation. Global wealth managers and advisors need to make sure they and their clients are in compliance. CHARLOTTE, N.C. (PRWEB) JULY 18, 2018 The Common Reporting Standard (CRS) for the automatic… – Continue reading

IRS spent $380M on FATCA, but still can’t enforce it

The Internal Revenue Service spent nearly $380 million to implement the Foreign Account Tax Compliance Act, but so far isn’t prepared to enforce the law, according to a new report. The report, from the Treasury Inspector General for Tax Administration, examined the IRS’s efforts to implement FATCA, which was included… – Continue reading

Standard Chartered selects BearingPoint’s FiTAX as tax reporting solution

Standard Chartered has selected FiTAX, a solution from BearingPoint, as its global client tax reporting solution for QI, FATCA and AEoI/CRS reporting. International banking group Standard Chartered, founded in 1969, is with approximately 87,000 employees across offices in more than 60 countries one of the globe’s leading financial services institutions…. – Continue reading

Enforcing the Foreign Account Tax Compliance Act in the Philippines

The Foreign Account Tax Compliance Act (Fatca) is a US legislation that is part of the 2010 Hiring Incentives to Restore Employment (HIRE) Act, and forming part of four new sections incorporated into the US Internal Revenue Code. It is a law designed to improve offshore US tax collection by… – Continue reading

Bitfinex Now Wants Your Tax Information ‘In Case’ Authorities Ask For It

Bitfinex is a cryptocurrency exchange that is registered in the British Virgin Islands. The choice of location for the popular exchange is strategic for tax purposes. The British Virgin Islands are known to be tax havens for corporations that want to keep as much of their profits as possible. This… – Continue reading

Accidental Americans’ fight to stop double taxation

PARIS — Tom Wallis was born here and has spent his entire life in France, but it turns out that the 40-year-old entrepreneur from Grenoble owes tens of thousands of dollars in taxes to the United States. Wallis’ mother was French, but he holds U.S. citizenship through his American father…. – Continue reading

GDT reminds firms to mind US tax act FATCA

The General Department of Taxation on Friday issued a statement reminding Cambodian financial institutions to comply with the reporting requirements of the US’s Foreign Account Tax Compliance Act (FATCA). Cambodia and the US have signed an agreement to enforce FATCA, which mandates that financial institutions holding certain amounts of money… – Continue reading

Cayman Guides On Compliance With CbC Reporting, FATCA, CRS

The Cayman Islands has released new guidance on the obligation on large multinational groups to file a country-by-country report in the territory and also an update on Common Reporting Standard and US Foreign Account Tax Compliance Act reporting. CbC Reporting Guidance The March 29 guidance from the Cayman Islands’ Department… – Continue reading

IRS To Close Door On OVDP For Offshore Tax Dodgers

US taxpayers who have failed to declare their offshore money will lose the chance to confess to the Internal Revenue Service later this year. The IRS has announced that the Overseas Voluntary Disclosure Program will close on September 28. In the 10 years the OVDP has run, 56,000 taxpayers have… – Continue reading

Financial institutions must file accounts reports

HEADS of financial institutions face a fine of up to $10,000 or two years in prison if they fail to make the necessary accounts reports. The reminder came in a statement from the Ministry of Finance, Trade and Investment this week. It stressed that the deadline is approaching for filing… – Continue reading

Singapore Issues More Automatic Tax Info Exchange Guidance

Singapore’s tax agency has made two announcements recently concerning the automatic exchange of information on foreign taxpayers’ affairs, on the Common Reporting Standard (CRS) and the US Foreign Account Tax Compliance Act. In respect of the OECD’s CRS, through which territories worldwide are to automatically exchange taxpayer data from this… – Continue reading

On the lookout for US taxpayers in Cambodia

The General Department of Taxation called last week on banks, insurance companies and microfinance institutions (MFIs) to accurately report the taxpayer identification numbers (US-TIN) of clients with US citizenship. The statement, issued on January 3 and signed by GDT’s general director Kong Vibol, said reporting accurate US-TIN numbers is necessary… – Continue reading