With local financial institutions bracing for the impact of the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) reporting requirements, a recent partnership between a tax law firm and financial information services firm could well increase the ease of reporting for U.S. citizens living in The Bahamas…. – Continue reading
Germany’s Federal Ministry of Finance on 3 November 2015 released final guidance notes for implementation of the FATCA regime. An intergovernmental agreement (IGA) signed by Germany and the United States follows the Model 1 IGA. Accordingly, financial institutions in Germany are required to report information concerning assets held by U.S…. – Continue reading
They say the only two givens in life are death and taxes. And, while you still can’t live forever, an increasingly large number of Americans are skipping out on their fiscal obligations by dumping their citizenship. A whopping 1,426 Americans chose to expatriate in the third quarter of this year,… – Continue reading
A former finance minister yesterday slammed as “patently false” suggestions by a prominent tax advocacy group that the Bahamas is “disregarding the rules” and flouting global information exchange and transparency standards. James Smith, also an ex-Central Bank governor, hit out at the Tax Justice Network after its 2015 Financial Secrecy… – Continue reading
The Bahamas will likely suffer a 25 per cent contraction in the number of financial services industry players, a senior international private banking executive said yesterday, as institutions merge to acquire scale and maintain profitability. Ricard Tubau, Andbank’s global chief executiv, said that not only is the financial services industry… – Continue reading
ABSTRACT This paper provides analysis of one of the foundational elements of the Foreign Account Tax Compliance Act (FATCA) and various intergovernmental agreements (IGAs): an unambiguous place of U.S. birth and the ability to cure (Cure) this element, thereby rendering the account nonreportable. The IGAs generally allow the individual to… – Continue reading
On August 4 and 5, 2015, the FC heard oral arguments in a lawsuit—commenced on August 11, 2014 by two Canada-US citizens—that challenges the law implementing the Canada- US intergovernmental agreement (IGA) relating to FATCA (Virginia Hillis et al. v. The Attorney General of Canada et al., court file no…. – Continue reading
Non-resident Indians (NRIs) have one more investment option to choose from. The Reserve Bank of India (RBI) has allowed NRIs to invest in the National Pension System (NPS), under Foreign Exchange Management Act. NPS will allow NRIs to invest in a mix of equities and debt and save for their… – Continue reading
The US has overtaken Singapore, Luxembourg and the Cayman Islands as an attractive haven for super-rich individuals and businesses looking to shelter assets behind a veil of secrecy, according to a study by the Tax Justice Network (TJN), reports The Guardian. The US is ranked third, behind Switzerland and Hong… – Continue reading
Recent legal changes in Qatar must be understood by chief financial officers (CFOs) and finance professionals if businesses are going to be able to address potential risks, the Institute Of Chartered Accountants In England and Wales (ICAEW) said, reports the Gulf Times. The accountancy body partnered with international law firm… – Continue reading
The U.S. government’s refusal to take part in a global system for exchanging bank data has moved it above the Cayman Islands in a financial secrecy list compiled by the Tax Justice Network. The U.S. trails only Switzerland and Hong Kong in a league of offshore havens after refusing to… – Continue reading
Secretary general of he Union of Arabs and Sam Fattouh for an international approach to the globalization of law “Vta” American FATCA, any tax compliance with the Law on Foreign Americans accounts, to become international law under labeled GATCA “Gta” (Global Account Tax Compliance Act), any tax compliance law global… – Continue reading
NEW DELHI: Switzerland has retained its top spot in the financial secrecy index (FSI) 2015, unveiled by the Tax Justice Network (TJN) on Monday. Switzerland is followed by Hong Kong, the US, Singapore and the Cayman Islands. The biggest surprise is the US, which has climbed to third place from… – Continue reading
As the world is uniting to tackle tax evasion and improve financial transparency, the US “threatens progress,” a new survey has said. America is now ranked third among the world’s most attractive “tax havens,” trailing only Switzerland and Hong Kong. The US has jumped from sixth place to third in… – Continue reading
Azerbaijani President Ilham Aliyev approved the intergovernmental Azerbaijan-US agreement on “Improving compliance with Azerbaijan and the United States of international rules on tax requirements and fulfilling the requirements of the Act on the taxation of foreign accounts (Foreign Account Tax Compliance Act, FATCA)”. The relevant law is published in the… – Continue reading
As of July 15 2015, 55 financial institutions and banks in Ghana have registered themselves to comply with FATCA. So, chances are that if you tried to open a bank account in Ghana, the bank now requires you to fulfil some United States (U.S.) reporting obligations in addition to the… – Continue reading
Over the last seven years, America has flexed its muscles at tax havens everywhere. With Schwarzenegger-like bulk, the U.S. has crushed Swiss banks and rooted out U.S. account holders worldwide. With its ambitious FATCA undertaking, the U.S. has cowed the world into submission. making foreign banks and foreign governments hand… – Continue reading
Recent legal changes in Qatar must be understood by CFOs and finance professionals if businesses are going to be able to address the potential risks, according to ICAEW. The accountancy body partnered with international law firm Pinsent Masons to host a seminar about Qatar’s recent regulatory changes for senior financial… – Continue reading
Ayar Law Group speaks about amnesty programs expiring as foreign banks comply with FATCA. Read more: http://www.digitaljournal.com/pr/2728314#ixzz3qQF5Tmeq Nov. 2, 2015 / PRZen / VANCOUVER, British Columbia — The unofficial period of grace to reveal foreign bank accounts to the IRS is ending for U.S. taxpayers. Those who don’t comply with… – Continue reading
WASHINGTON—The United States is one of the world’s most secret financial jurisdictions, according to a watchdog group’s new global ranking. The Tax Justice Network, an international think tank based in the United Kingdom, on Monday unveiled the 2015 Tax Secrecy Index, which lists the countries that most allow financial secrecy… – Continue reading
(CNS Business): Despite the constant criticism of the Cayman Islands as a so-called tax haven by US politicians and media, in the latest edition of the Financial Secrecy Index, compiled by the Tax Justice Network, the United States is placed above the Cayman Islands in its rankings. The report, which… – Continue reading
Robert Stack, US Treasury Deputy Assistant Secretary (International Tax Affairs), initiated a further push for ratification of the pending protocol to the US tax treaty with Switzerland at a hearing of the Senate Committee on Foreign Relations on October 29. Tax treaties and protocols with Switzerland, Luxembourg, Hungary, Chile, Spain,… – Continue reading
BACKGROUND The IRS recently released IR-2015-116 announcing its offshore compliance programs have generated $8 Billion. More than 54,000 taxpayers subject to U.S. worldwide income and disclosure requirements have come in from the cold to participate in IRS offshore remediation disclosure programs since 2009. The IRS also urged taxpayers with non-compliant… – Continue reading
Barbados’ reputation as a home of “serious” business and a “significant” player in international business is being enhanced with the adoption of a United States law which targets non-complaint US taxpayers with foreign accounts, Minister of International Business Donville Inniss has contended. In fact, Inniss suggested that the Foreign Accounts… – Continue reading
HONG KONG (CNNMoney) A record 1,426 Americans gave up their citizenship in the third quarter, according to new government data. That puts the number of Americans who have renounced their citizenship at a whopping 3,221 so far this year. In 2014, a record 3,415 Americans gave up their passports, according… – Continue reading
Over the past decade, many Indian business families have organised themselves under trusts — a bankruptcy remote structure — to preserve wealth, protect the rights of various members, and plan for the next generation. Now, this arrangement is coming under strain for families with members staying in the US, the… – Continue reading
MUMBAI: Over the past decade, many Indian business families have organised themselves under trusts — a bankruptcy remote structure — to preserve wealth, protect the rights of various members, and plan for the next generation. Now, this arrangement is coming under strain for families with members staying in the US…. – Continue reading
As noted in our previous updates on the Foreign Account Tax Compliance Act (FATCA) and the related intergovernmental agreement between Canada and the United States for the enhanced exchange of tax information (the IGA), many Canadian financial institutions such as IFMs, portfolio managers, exempt market dealers and investment funds were… – Continue reading
Applying to renounce U.S. citizenship costs $2,350, up from the $450 it cost just last year. The U.S. government made more than $7.5 million from the record number of people who decided to officially renounce their citizenship in the first nine months of 2015. Simply applying to renounce U.S. citizenship… – Continue reading
FATCA, the Foreign Account Tax Compliance Act, is up and running. If you have foreign accounts or foreign assets, it is an important law that has changed banking and privacy in radical ways. And it has done so worldwide, not just for Americans, but for anyone having even remote American… – Continue reading
The aim is that the neighboring country will have greater control over information. Merida, Yucatan. The Tax Compliance Act relating to accounts abroad (FATCA, for its acronym in English) is not a tool to seek to collect more taxes from 65 member countries, said Enrique Hernandez, international tax specialist. “It… – Continue reading
(MENAFN – Arab Times) The US Foreign Account Tax Compliance Act (FATCA) model has spurred the rise of a global automatic exchange of information, informed Hannah Shipley, Director at Ernst & Young, while speaking about FATCA and its implications during a business panel discussion held at the Kuwait Chamber of… – Continue reading
KINGSTON, Jamaica – Externally imposed requirements have had unintended and undesired consequences on Jamaica’s financial institutions, says Tasha Manley, Executive in charge of Compliance for Jamaica National Building Society (JNBS). Miss Manley was addressing this year’s annual conference co-hosted by the Jamaica Bankers’ Association (JBA) and the Jamaica Institute of… – Continue reading
With the starting line for implementation only two months away, Justin Hayes, product manager at Linedata, the leading international software and technology provider, says fund administrators and investment managers need to get to grips with the OECD’s Common Reporting Standards, dubbed ‘Global FATCA’, before it’s too late. “Financial institutions in… – Continue reading
A record number of Americans are renouncing their U.S. citizenship in 2015, new figures released by the federal government show. Since 1996, the IRS has published a list of citizens renouncing their citizenship every three months. The most recent IRS report, released Monday, reveals that 1,426 Americans ditched their citizenship… – Continue reading
With effect from November 1, mutual fund investors will have to make additional declaration pertaining to foreign account tax compliance act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which their applications will get rejected. Under FATCA and CRS, Indian financial institutions will be required to… – Continue reading
Investment managers and fund administrators should act now in order to be prepared for the Organisation for Co-operation and Development (OECD) Common Reporting Standard (CRS) ahead of the start of the first reporting period, according to Justin Hayes, product manager for Linedata. The CRS, sometimes called a global version of… – Continue reading
A record 1,426 US taxpayers gave up their passports or their green cards in the third quarter of 2015, according to Treasury Department statistics published in the Federal Register. The previous record was in the first quarter of this year, which saw a total of 1,335. The second quarter saw… – Continue reading
Sunday 1st November will mark two months until the start of the first reporting period under the OECD’s Common Reporting Standards (‘Global FATCA’). Justin Hayes, product manager at Linedata, comments on why there is now no time to waste for investment managers and fund administrators to prepare for the burdensome… – Continue reading
The Ambassador of the United States of America, John R. Phillips, today in the Republic for the signing of the intergovernmental FATCA, met this morning at Palazzo Begni, the Secretary of State for Foreign Affairs, Pasquale Valentini. A bilateral especially focused on the issues – all current – which has… – Continue reading
Come November 1, mutual fund investors will have to provide details and declaration pertaining to Foreign Account Tax Compliance Act (FATCA) and common reporting standards (CRS) for all new accounts opened, failing which fund houses are likely to reject their applications. While some fund houses have already started this process… – Continue reading
When considering which foreign assets are reportable under FATCA, one of the most commonly misunderstood and overlooked is the contribution to foreign pensions. Whether you are a U.S. citizen who worked abroad or a foreign national resident in the U.S., you may very well have some type of foreign pension…. – Continue reading
The Australian Taxation Office (ATO) recently engaged in the first automatic sharing of financial account information with the tax authority (IRS) in the United States. The details of more than 30,000 Australian financial accounts of individuals with a connection to the United States were provided to the IRS under the… – Continue reading
The Financial Stability and Development Council (FSDC), headed by Finance Minister Arun Jaitley, will meet on November 5 to take stock of the economic situation. Fiscal situation, external sector environment, financial sector reforms, rising non-performing assets and regulatory issues are likely to figure in the meeting, sources said. FSDC is… – Continue reading
The Internal Revenue Service is encouraging all non-compliant U.S. citizens, including those among the 1 million Americans who are resident in Canada, to take advantage of its voluntary disclosure programs initiated in 2009 and 2012. The move comes just a few weeks after Canadian courts refused to issue injunctions prohibiting… – Continue reading
The Bank of Butterfield has agreed to buy the multibillion dollar private banking trust and investment arm of rivals HSBC Bermuda. The move means Butterfield will acquire the Bermuda Trust Company Ltd as well as the trust and investment business of HSBC. At the end of last year, HSBC’s trust… – Continue reading
On the heels of extensive preparation for the implementation of FACTA in St. Kitts and Nevis, banks and other financial institutions are now starring down the barrel of additional financial accounts information reporting on a wider scale. The Organization for Economic Co-operation and Development (OECD) has proposed a global version… – Continue reading
There was a time when, from a tax perspective, South Africa’s “mini budget” used to be a non-event. The main emphasis was on the annual budget speech delivered in February each year when they announced tax policy proposals. However, over the past few years there has been an increasing tax… – Continue reading
You must have received an email or a letter from your mutual fund (MF), if you have been investing in MFs, asking for some details. If you haven’t yet received such communication, you might receive a letter or email shortly. Your fund house wants to know if you pay taxes… – Continue reading
Since the initiation of the U.S.Internal Revenue Service’s (IRS) Offshore Voluntary Disclosure Program (OVDP) which originally began in 2009 and the Streamlined Filing Compliance Procedures first offered on September 1, 2012, the IRS recently reported that more than 54,000 taxpayers have come forward and the result is more than $8… – Continue reading
