Reporting Australian Financial Institutions must report to the Australian Taxation Office by 31 July 2015 on their U.S. accounts or recalcitrant accounts. These financial institutions must have undertaken the prescribed due diligence procedures required under the IGA. Who must report? It is critical that you determine whether you are a… – Continue reading
Baku, Fineko/abc.az. Foreign investors may not fear the U.S. sanctions on FATCA during operations on the Azerbaijani stock market. Director of local investment company PSG¬Broker Matanat Iskenderova has stated that the stock market of Azerbaijan is fully compliant with the standards in the field of counteraction to money¬laundering. “Likewise, it… – Continue reading
In November 2013 the governments of the Cayman Islands and the British Virgin Islands (“BVI”) entered into intergovernmental agreements with the United Kingdom (“UK IGAs”) which contained provisions for the establishment of a framework for the reporting of financial account information. That framework is similar in scope to the framework… – Continue reading
The Serenissima : Foreign Secretary replied to the interpellation submitted by Lazzari and Pedini Amati / FATCA, Valentini: “It is not to be considered as a tax shelter” / Agreement “virtually in place since July 2014”, the signature will come after the ok from Use “FATCA is not an instrument… – Continue reading
America the not so brave CRACKING down on tax evasion “has been a core piece of President Obama’s agenda” since before he took office, according to a spokesman. His administration’s campaign to that end has been a “groundbreaking” success, according to the Department of Justice, the agency that has led… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) – a law passed in 2010 to tackle the abuse of using offshore financial accounts for the purpose of evading US taxes – is now in effect after a two-year delay. As it requires foreign financial institutions worldwide to identify and report to… – Continue reading
The Cayman Islands Department of International Tax Cooperation has extended the deadlines for Cayman Reporting Financial Institutions (RFIs) to provide notification and reporting and to the Tax Information Authority for U.S. FATCA Reportable Accounts. RFIs now have until Friday, May 29, 2015 to submit notifications. The new reporting deadline is… – Continue reading
The Inland Revenue Board (IRB) has informed Malaysian financial institutions (MYFIs) that their filing deadline in respect of the 2014 reporting year under the US Foreign Account Tax Compliance Act (FATCA) has been deferred from June 30, 2015. FATCA requires all FIs outside the United States to submit regular information… – Continue reading
NUMBER OF THE WEEK: 40 percent. The average combined federal and state tax rate paid by most U.S.-based firms, according to a Wall Street Journal op-ed by James Freeman today, entitled “The Tax Takeover Craze.” Freeman claims this is “roughly double the average in Europe and Asia,” and is the… – Continue reading
It is quite clear that the more recent past has seen a notable shift in the debate from various supranational initiatives implemented over the years, designed to curtail the activities of smaller offshore financial centres, towards the real issues of tax transparency, regulatory cooperation and managing systemic risk in the… – Continue reading
IRS Rules That Policyholder Owns Mutual Fund Shares Under Nonqualified Deferred Annuity Contract The IRS ruled in Private Letter Ruling 201519001 on the tax treatment of a nonqualified deferred annuity contract issued by a life insurance company, finding that public mutual fund shares under the contract will be treated as… – Continue reading
Differences in how new accounts are treated by the US, the UK and Canada under the Foreign Account Tax Compliance Act are raising tough questions for banks across many jurisdictions, practitioners told Bloomberg BNA. “This is not an insignificant issue,” said Alan Granwell, of counsel with Sharp Partners P.A. in… – Continue reading
The Dubai Financial Services Authority (DFSA) and the Dubai International Financial Centre (DIFC), Registrar of Companies (RoC), jointly hosted an outreach workshop last week regarding the Foreign Account Tax Compliance Act (FATCA). FATCA is extra-territorial US legislation that affects Financial Institutions (FIs), particularly those which have accountholders who are US… – Continue reading
TS IS NO STRANGER to hyperbole and overkill, but news of a small group of church bell ringers in Kent becoming encumbered with the intricacies of the US’s FATCA deal with the UK very much takes the biscuit. In an event that can only be described as ‘disproportionate’, Neil Campbell… – Continue reading
Introduction to FATCA On December 16 2013 Malta and the United States entered into an intergovernmental agreement (IGA) to implement rules and regulations under the Foreign Account Tax Compliance Act (FATCA). FATCA, enacted in 2010 by the United States, requires US taxpayers and financial institutions to report financial information to… – Continue reading
AUDITED ACCOUNTS – 30 JUNE 2015 FUND ANNUAL RETURN – 30 JUNE 2015 US FATCA – 30 JUNE 2015 RECORD KEEPING – IMMEDIATE TIGHTENING ATTITUDE OF THE COMMISSION TO LATE FILINGS Over the last six months we have seen that the British Virgin Islands (“BVI”) Financial Services Commission (the “Commission”)… – Continue reading
JOHANNESBURG – There is considerable scope to collect more revenue by addressing tax leakage due to transfer pricing. Speaking at a forum event hosted by the Gordon Institute of Business Science (Gibs), Judge Dennis Davis, chair of the Tax Committee that was tasked with a comprehensive review of South Africa’s… – Continue reading
Baku, Fineko/abc.az. The Central Bank of Azerbaijan and Grant Thornton Company held a workshop on meeting the requirements of the FATCA U.S. federal law (The Foreign Account Tax Compliance Act). According to CBA, the workshop was held for banks and addressed the basic principles and practical issues of meeting FACTA… – Continue reading
FATCA—the Foreign Account Tax Compliance Act—is America’s global tax law, called an American tax nightmare by the New York Times. That is an apt description. It was quietly enacted in 2010, and after a four-year ramp up, it’s finally in effect. Never before has an American tax law attempted such… – Continue reading
The Bahamas Ministry of Financial Services released draft copies of the FATCA Legislation and the FATCA Guidance Notes to meet the International Tax Compliance Requirements of the Model 1 FATCA Intergovernmental Agreement (IGA) between the Bahamas and the United States of America (US). The new FATCA Bill was drafted in… – Continue reading
If you are American and have a non-U.S. bank account, chances are that you’ve received a letter from your bank asking for your tax details. It may seem odd that banks everywhere want to know if you are compliant with the IRS. But for the U.S. government, that’s the beauty… – Continue reading
While the Bureaucrat Hall of Fame and Moocher Hall of Fame already exist, the Hypocrite Hall of Fame is just a concept. But once it gets set up, Congressman Alan Grayson of Florida will definitely be a charter member. Here are some passages from a column in the Tampa Bay… – Continue reading
FATCA reporting commences In our March client briefing we noted that the Tax Information Authority in the Cayman Islands (“TIA”) had launched its online portal for the automatic exchange of tax information (the “AEOI Portal”), which can be accessed from its website (www.tia.gov.ky). The deadline for reporting Cayman Islands financial… – Continue reading
On May 11, 2015, the Cayman Islands announced the extension of its FATCA registration and reporting deadlines, as follows: Registration Each Cayman Islands investment entity that has been classified as a “Reporting Cayman Islands Financial Institution” for purposes of FATCA (or its “sponsoring entity,” if applicable) should register with the… – Continue reading
HMRC has updated the reporting requirements under the US Foreign Account Tax Compliance Act (FATCA), which may mean that some organisations or taxpayers no longer need to submit a return by the 31 May deadline HMRC points out that two recent updates have changed the reporting criteria. Firstly, UK financial… – Continue reading
FATCA made it extremely difficult for US citizens to open offshore bank accounts and this is applied to all, who hold a US passport (even if they lived abroad) are liable for tax in the US as well as US non-citizen who are tax residents in the US. The banks… – Continue reading
Money laundering and the increasing role it plays in terrorist financing is almost never out of the news. The extent to which terrorist groups are able to mobilise support has risen significantly and many, such as the Islamic State of Iraq and the Levant (ISIL), are clearly very well-financed. Thanks… – Continue reading
On May 11th 2015, the Cayman Islands Department for International Tax Cooperation (“DITC”) announced that Notifications may now be submitted on or before Thursday, 21 May 2015; and that returns may be reported on or before Friday, 12 June 2015. There will be no penalties or enforcement measures once there… – Continue reading
A record 1,336 US taxpayers gave up their passports or their green cards in the first quarter of 2015, according to Treasury Department statistics published in the Federal Register. The Treasury is required by statute to publish a quarterly list including the name of each individual who has lost or… – Continue reading
The US Foreign Account Tax Compliance Act (FATCA) is celebrating five years on the statute books at the end of the month – and has changed the face of tax reporting worldwide. President Barak Obama backed FATCA as part of the HIRE Act 2010 with the aim of clamping down… – Continue reading
FATCA-TRAC has the advantage of being a ‘software’ that is already installed, tested and running in ten institutions globally Multitek recently launched a tool that automates the entire process associated with the regulation of US law or FATCA ‘Foreign Account Tax Compliance’. FATCA-TRAC, created for banks and financial institutions in… – Continue reading
KPMG in Saudi Arabia is hosting a seminar on taxation of US individuals and the impact of Foreign Accounts Tax Compliance Act (FATCA) at the Marriott Hotel in Riyadh on May 26. Under US tax law, US citizens and US permanent residents (green card holders) are required to file US… – Continue reading
On May 7th, 2015, the US Treasury Department published its first quarter 2015 list of individuals who have chosen to expatriate and it was yet again an eye opening number. The 1,335 published names is the highest quarterly figure ever reported in the Federal Register. The number of individuals voluntarily… – Continue reading
Changing Requirements and Changing Methods As the first year of the US Foreign Account Tax Compliance Act (Fatca) being in effect is almost complete, the rules for reporting still appear to be in flux, as are the ways firms are responding to Fatca compliance and setting out methods to address… – Continue reading
Ease of integration and flexibility of strategic reporting platform drive Colombia’s largest bank to expand partnership Tax reporting solution now deployed in five countries as a result of agreement AxiomSL, a leading provider of regulatory reporting and risk management solutions to the financial services industry, announced today that Bancolombia, Colombia’s… – Continue reading
You’re just over a month to prepare for the provision of the first Russian banks reporting FATCA. In the future, Russia will reach the full exchange of information with the United States, who also contribute to the development of the domestic economy. By June 29, the Russian banks will be… – Continue reading
HONG KONG (CNNMoney) -Hasta la vista, Uncle Sam! A record 1,337 Americans gave up their passports in the first three months of the year, according to new data released by the U.S. government. That’s nearly 40% of the 3,415 Americans that renounced citizenship last year, suggesting that U.S. renunciations will… – Continue reading
The U.S. Internal Revenue Service is planning to broaden the use of subpoenas of documents in cases where the name of a taxpayer under investigation is not known. The so-called John Doe summonses were a breakthrough for the IRS in tackling offshore tax evasion when they were first addressed to… – Continue reading
After five years of the US’s Foreign Account Tax Compliance Act (FATCA), financial institutions need to play the long game for future gain, according to GoldenSource’s Dev Bhudia. Bhudia, vice president of product management at GoldenSource, wrote in an article that the challenge now is not classifying clients or managing… – Continue reading
A record 1,335 Americans living overseas renounced their citizenship in the first three months of 2015, according to the Internal Revenue Service. That number is 18 percent higher than the previous record, according to Bloomberg. In all of 2014, 3,415 individuals gave up their U.S. citizenship, the second straight year… – Continue reading
Nedbank Private Wealth is an international private bank headquartered in the Isle of Man, a self-governing British Crown dependency. The bank has been growing its presence in the Middle East since January 2011 through a representative office established in Dubai and licensed by the UAE Central Bank. “Our presence in… – Continue reading
Organizations representing millions of Americans who work abroad are storming Capitol Hill in a push for tweaks to tax and banking policy. American Chambers of Commerce (AmChams) operating in various countries all over the world collectively represent about 6.5 million U.S. citizens living outside the country. Some, such as the… – Continue reading
Shayne Nelson, Chief Executive Officer of Emirates NBD, muses how corporate governance, risk and compliance have changed beyond recognition since he first came to the region. Shayne Nelson has seen a lot of change in his extensive banking career, which has spanned several continents. With roles including Chairman of Standard… – Continue reading
As part of its 2015 Federal Budget announcements, Canada committed to implementing the “Common Reporting Standard” (CRS) promulgated by the Organization for Economic Co-operation and Development (OECD). While the OECD’s efforts to facilitate information reporting via the CRS and Canada’s corresponding implementation of such a regime will certainly have lasting… – Continue reading
Officials from Mexico’s Tax Administration Service (SAT) met with Costa Rican tax administration officials from April 20 to 22, 2015, to share their experiences in the area of tax information exchange. The Costa Rican authorities learned from Mexico’s experience in implementing the US Foreign Account Tax Compliance Act (FATCA) and… – Continue reading
Now that Costa Rica has been formally invited to go through the process of becoming a candidate nation worthy of joining the Organization for Economic Cooperation and Development (OECD), financial advisors and legal professionals are starting to ponder how their clients will be impacted by this new chapter in our… – Continue reading
Know-your-customer (KYC) obligations are placing increasing demands on banks as regulators continue the fight to stop money laundering, terrorist funding, and halt tax evasion. FX-MM’s Peter Garnham looks at how institutions are looking to utilities to make their systems more efficient without surrendering the control that would leave them facing… – Continue reading
Back when the Affordable Care Act was still a new concept—that is, before we found out that it has exceeded even our most optimistic expectations—more than a few prominent Americans were threatening to expatriate from the US if Obamacare was successfully signed into law. Well, disappointing though it may be,… – Continue reading
The Foreign Account Tax Compliance Act is meeting with some success in prompting foreign banks to disclose the holdings of U.S. taxpayers to the Internal Revenue Service, according to a former IRS official. FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to… – Continue reading
Passing between tax administrations Polish and US information on accounts and income tax residents predicts signed by the president Bronislaw Komorowski law on ratification of the agreement with the USA on the use of so-called FATCA Act. As reported by the presidential office, in terms of the Act of 20… – Continue reading
