Since the revelations on government surveillance and data capture by Edward Snowden, journalists have rightfully raised concerns about governments’ insatiable appetite for data collection and the resulting encroachment on citizens’ civil liberties. In the EU an individual’s right to privacy is regarded as a human right in accordance with Art…. – Continue reading
The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “CRS Regulations”) were issued on 16 October 2015. Cayman Islands Government Industry Advisory – CRS Regulations Are in Effect The CRS Regulations, which are the first part of two in the roll-out of the Cayman… – Continue reading
The Indian government’s initial unsuccessful efforts to unearth billions of dollars of undeclared foreign assets – some believed to be hidden in Swiss banks – highlight the complexity of vehicles used to move money illicitly. Earlier in the year, a new law on black money came into effect. It included… – Continue reading
Leading family offices in Latin America and the Caribbean are going through a transitional period, says Steven Cantor, managing partner of Cantor & Webb, a Miami-based law firm, reports the Financial Times. “As the world moves to tax transparency, with a crackdown on undisclosed tax savings in Swiss bank accounts,… – Continue reading
Expats living in the United States enjoy greater financial comfort than U.S. expats living abroad, according to a recent HSBC survey. Financial findings from the report, “Expat Explorer: Balancing Life Abroad,” revealed key differences between expats living in the U.S. and U.S. citizens living abroad. According to the report, expats… – Continue reading
Prime Minister of St. Kitts and Nevis, Dr. the Hon. Timothy Harris, was the featured speaker at the Financial Services Regulatory Commission – St. Kitts Branch’s (FSRC) 2nd annual Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) seminar at the St. Kitts Marriott Resort on Wednesday, October 21, reports SKN Vibes…. – Continue reading
Ayar Law Group speaks about Amnesty Programs expiring as foreign banks comply with FATCA. Oct. 22, 2015 / PRZen / DELHI, India — 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 the law may soon… – Continue reading
“He hath founded it upon the seas…” Psalm 24:2 From an ancient decree The motto on the Cayman Islands flag has profound meaning for all residents, whether indigenous or not. At 3:00am on 7 February 1794 the Royal Navy Frigate HMS Convert and its convoy of nine merchant ships were… – Continue reading
Michigan Tax Attorney, Venar Ayar talks about Amnesty Programs expiring as foreign banks comply with FATCA. Oct. 21, 2015 / PRZen / DETROIT — 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 the law may… – Continue reading
NUMBER OF THE WEEK: 0 The number of House Republicans who want to be speaker and can actually secure the necessary 218 votes as of today. After Majority Leader Kevin McCarthy’s dramatic exit from the race last week, the House GOP conference is taking the week-long Columbus Day recess to… – Continue reading
MUMBAI: There is a sudden, inexplicable surge in money that Indians are sending abroad for ” maintenance of close relatives“. Such fund transfers typically add up to $10-20 million a month. But in July 2015, according to the latest available data, total remittance under this head crossed $124 million. Also,… – Continue reading
Baku, Fineko/abc.az. Milli Majlis has ratified today the most important international agreement in the tax area. On the last day of its work the parliamentarians of the fourth convocation approved the Agreement on Compliance & Improvement of Compliance with the Tax Requirements of the Foreign Account Tax Compliance Act (FATCA)… – Continue reading
President Andrzej Duda signed last Friday a bill whose aim is to implement FATCA legislation – said the office of President. The law is designed to prevent US taxpayers hiding income abroad. The Act creates a legal basis that will allow implementation of the provisions under the international agreement ws…. – Continue reading
The local implications for the Foreign Accounts Tax Compliance Act (FATCA) are far reaching. So said First Caribbean International Bank (FCIB) representative Norlan Gabriel, who was a panel member on NBC Radio’s “Views on Issues” programme last Sunday. The latest edition of the radio programme was aimed at disseminating information… – Continue reading
KEY POINTS What is the issue? Guernsey will be required to gather data for the calendar year 2016 for reporting under the Common Reporting Standard (CRS) in 2017. What does it mean for me? Practitioners should be aware that due diligence and reporting procedures are set to be amended and… – Continue reading
The number of banks with deferred prosecution agreements with the U.S. government keeps growing. The subject is tax evasion involving American account holders. Today, under FATCA, banks everywhere want to know if you are compliant with the IRS. And the IRS keeps updating its list of foreign banks where offshore… – Continue reading
Just one day after the October 15 deadline for filing personal income tax returns on extension, the Internal Revenue Service issued a strongly-worded warning to non-compliant taxpayers: take action now to fix your problem, or face serious consequences. At the same time, the IRS revealed, for the first time, that… – Continue reading
Cyprus will as of January 1, 2016 have a new tool in its arsenal to identify monies hidden abroad as the island will begin implementing the Common Reporting Standard (CRS), the Institute of Certified Public Accountants said. The CRS is formally referred to as the Standard for Automatic Exchange of… – Continue reading
With more than 54,000 taxpayers coming in to participate in offshore disclosure programs since 2009, the Internal Revenue Service is reminding U.S. taxpayers with undisclosed offshore accounts that they should strongly consider existing paths established to come into full compliance with their federal tax obligations. Both the Offshore Voluntary Disclosure… – Continue reading
In a summary judgment released on September 16, 2015, the Federal Court of Canada examined and disposed of the non-constitutional arguments in the Hillis and Deegancase[1] generally finding that the automatic data collection and disclosure of taxpayer information to the United States by Canada pursuant to the Canada-U.S. Intergovernmental Agreement… – Continue reading
The Treasury Inspector General for Tax Administration has generally praised the US Internal Revenue Service for its implementation of the Foreign Account Tax Compliance Act. To improve US taxpayer compliance in reporting foreign financial assets and offshore accounts, Congress passed FATCA in March 2010. FATCA is intended to ensure that… – Continue reading
In just over two months, thousands of U.S.-based financial institutions will face new requirements for sharing financial information. These businesses should get ahead of the deadline and start preparing for the impact these rules will have on their operations and bottom lines. The Organisation for Economic Co-operation and Development’s new… – Continue reading
A series of recent developments means that tax is now a key part of the Australian foreign investment regime and the foreign investment rules have significantly more bite. When determining whether a foreign investment proposal is “contrary to the national interest”, the Foreign Investment Review Board (FIRB) actively considers the… – Continue reading
The TIGTA audit was initiated to assess the IRS’s progress in implementing the FATCA. WHAT TIGTA FOUND TIGTA found that the IRS has taken steps to provide information to affected stakeholders that Tigtalogo explains the FATCA requirements and expectations. However, TIGTA identified improvements that are required to ensure compliance and… – Continue reading
The Guernsey Association of Compliance Officers (GACO) October seminar covered the introduction of the Information Gateway Online Reporter (IGOR), an online portal for the purpose of collecting and exchanging Automatic Exchange of Information. https://igorforum.digimap.gg GACO chairman and Carey Olsen partner Mark Dunster said it is a key objective for the… – Continue reading
The Algeria and the United States signed Tuesday in Algiers an intergovernmental agreement on the sharing of tax information between the two countries and to promote financial transparency and the strengthening of bilateral and international fight against tax evasion. The agreement, first of its kind concluded by the US with… – Continue reading
FATCA was passed to prevent U.S. citizens from evading tax by focusing primarily on foreign financial institutions with U.S. account holders. The Foreign Account Tax Compliance Act (FATCA) was enacted as part of the 2010 Hiring Incentives to Restore Employment Act, and its provisions became effective as of 7/1/14. FATCA… – Continue reading
Tax experts from the United States, United Kingdom, Canada, Brazil and Israel spoke at a two-day conference at Michigan Law about the challenges of the Foreign Account Tax Compliance Act (FATCA) and a multitude of other issues at the intersection of the law of taxation and citizenship. Panel discussions at… – Continue reading
On 15 September 2015, the Bulgarian Council of Ministers submitted to the Bulgarian Parliament a proposal to implement the US Fair and Accurate Credit Transactions Act (FATCA) through changes in the Bulgarian Social Security Code. The proposed changes will effectively lead to the creation of an automated system for transfer… – Continue reading
To facilitate the exchange of Foreign Account Tax Compliance Act (FATCA) data under the intergovernmental agreements (IGAs) with Australia and the U.K., the U.S. Competent Authority has signed Competent Authority Arrangements (CAAs) with the Competent Authority of each country, announced IRS officials on September 24. The CAAs are the first… – Continue reading
Thanks to an agreement between the Department of Revenue’s Tax Administration Service (SAT) from September 30, all information regarding Mexicans with bank accounts in the United States and American citizens with bank accounts in Mexico agreement is being mutually sent. During the monthly breakfast Coparmex, the tax lawyer Jorge Alberto… – Continue reading
The Internal Revenue Service has made progress on implementing the Foreign Account Tax Compliance Act, including explaining the various requirements to the affected stakeholders, according to a new report. The report, from the Treasury Inspector General for Tax Administration, examined FATCA, which was included as part of the HIRE Act… – Continue reading
The Government of India, Ministry of Finance had on August 7, 2015, in order to comply with the information reporting requirements of the US’ Foreign Account Tax Compliance Act (hereinafter referred to as ‘FATCA’), made amendments in the Income-tax Rules, 1962. WHAT IS FATCA’S BACKGROUND? FATCA is a broad set… – Continue reading
The US Internal Revenue Service has begun receiving data from foreign banks about US expats’ overseas bank accounts and is now sharing data with certain foreign tax authorities to also support their tax enforcement efforts. The first tax information exchanges on September 30, 2015, were facilitated by a platform put… – Continue reading
Financial think tank and lobby group the New City Initiative has warned that regulation is destroying competition within the asset management industry. With several major regulatory changes due to be implemented in the next few years, the think tank has analysed the impact of the new rules on boutique asset… – Continue reading
KUWAIT: The Cabinet has called on ministers and senior officials of state bodies to submit their financial disclosure reports to the Anti-Corruption Authority as soon as possible. The call was made by the Cabinet during its customary weekly meeting held at Bayan Palace yesterday under chairmanship of HH the Prime… – Continue reading
Both internal and external factors threaten politics, economics Hong Kong’s run of good luck is running out. One obvious sign is the increasing interference of Beijing in its domestic affairs, most recently using tame Chief Executive C.Y. Leung and a clique of yes-men to interfere in a senior academic appointment… – Continue reading
At a recent tax conference a senior Justice Department official reaffirmed the commitment of the U.S. Department of Justice to continue offshore enforcement efforts. As is widely reported the official stated: “We are well beyond Switzerland at this point,” she said, citing enforcement announcements concerning India, Israel, Liechtenstein, Panama, the… – Continue reading
To solve the problem of the haze afflicting Singapore, Indonesia and Malaysia, extraterritorial action is needed to quench the forest fires in Indonesia that are generating the haze. A cross-border solution is a necessary answer even if it raises questions of national sovereignty. The Singapore Government should implement laws that… – Continue reading
The Cayman Islands Tax Information Authority is moving forward with its plans for implementing the OECD Common Reporting Standard (CRS). The Cayman Islands was a signatory to CRS when released in October 2014. he Cayman Islands tax authority in September 2015 released a draft version of regulations—Tax Information Authority (International… – Continue reading
Oct. 7 — The IRS offered two-pronged guidance on the effective dates of agreements for entities that apply on or after April 1 to be withholding foreign partnerships or withholding foreign trusts under the Foreign Account Compliance Act. In general, the Internal Revenue Service said Oct. 7, entities that apply… – Continue reading
On October 2, 2015, the U.S. Internal Revenue Service (IRS) announced the exchange of financial account information with certain foreign tax administrations in compliance with their obligations under various intergovernmental agreements (IGAs) put in place to implement the Foreign Account Tax Compliance Act (FATCA). IRS Commissioner John Koskinen stated that… – Continue reading
As a business leader, EY is proud to announce a seminar from its series of regulatory updates, aimed to keep stakeholders abreast of current changes in legislation. The FATCA and OECD Common Reporting Standard (CRS) seminar will be held on October 20, 2015 at the Hilton, St Julian’s between 08:30… – Continue reading
WASHINGTON — The Texas and Florida Bankers Associations have requested a rehearing before the U.S. Court of Appeals (D.C. Circuit) of its August decision to dismiss their case challenging the validity of 2012 IRS regulations requiring deposit interest income to be reported and setting up an exchange agreement on U.S…. – Continue reading
The IRS has posted text of a Competent Authority arrangement (CAA) between the United States and Hungary, pursuant to the intergovernmental agreement (IGA) signed in 2014 to implement the FATCA regime. The CCA with Hungary follows CAAs that were signed by the United States in September 2015 with both the… – Continue reading
In brief On 18 September 2015, Treasury released exposure draft legislation in relation to the implementation of the Organisation for Economic Co-operation and Development’s (OECD) Common Reporting Standard (CRS) for the automatic exchange of financial account information. The CRS is intended to reduce international tax evasion and represents the next… – Continue reading
Fenergo, the leading provider of Client Lifecycle Management solutions for institutional banks, has today published key findings from new research commissioned from the Aite Group which suggests that financial institutions are struggling to manage regulatory compliance and entity data management obligations across multiple jurisdictions. (Logo: http://photos.prnewswire.com/prnh/20150114/724322) The research finds that… – Continue reading
NEW DELHI: India has found global allies in its fight against black money. Germany, France, Switzerland, Singapore, Mauritius and the British Virgin Islands are among those that are providing information, or will soon start doing so, on assets held by Indians, helping the Narendra Modi government in its campaign to… – Continue reading
In 2016, hundreds of directors, managers, principal points of contact (PPCs), compliance officers, administrators, and Money Laundering Reporting Officers (MLROs) serving Cayman Islands funds, banks, trust companies and other Reporting Financial Institutions (RFIs) will start to feel the full force of ‘a great wind’: global tax transparency. If you are… – Continue reading
Guidance issued by the French tax administration sets forth instructions for French “reporting financial institutions” to follow in order to comply with the Model 1 intergovernmental agreement (Model 1 IGA), signed between France and the United States, for purposes of implementing the FATCA regime. The guidance, a set of four… – Continue reading
