GOVERNMENT has a bill on the Parliament agenda allowing for automatic extradition for people wanted for tax evasion in foreign jurisdictions, announced Attorney General Faris Al-Rawi. He said on the Parliament agenda there is a miscellaneous bill to deal with allowing prosecution of tax evasion matters in a reciprocal arrangement… – Continue reading
Some 9 million Americans reside abroad. More than 4 in 10 wouldn’t rule out renouncing U.S. citizenship, according to a survey. Americans abroad have just about had it with Uncle Sam’s tax filing requirements. Those were the findings from a recent survey of more than 2,100 U.S. expatriates, according to… – Continue reading
Pretoria – South African financial institutions, which include banks, long-term insurers and asset managers, will have to exchange financial account information in terms of the common reporting standard for the first time this year. Financial institutions, although having to do similar exchanges in terms of the US’s Foreign Account Tax… – Continue reading
Common Reporting Standard The Government of the British Virgin Islands (“BVI“) has recently announced an extension to the deadlines for the notification and reporting obligations under the Common Reporting Standard (“CRS“). Under the extended deadlines for CRS, all BVI Reporting Financial Institutions now have until 30 June 2017 to enrol… – Continue reading
The deadline for submitting automatic exchange of information (AEOI) returns for the year ended 31 December 2016 is 31 May 2017 for financial institutions, and that this is the first year for common reporting standards (CRS) filing Returns should include reportable accounts for the financial accounts tax compliance act (FATCA),… – Continue reading
The Common Reporting Standard (the CRS) is, like FACTA (the Foreign Account Tax Compliance Act), an information exchange regime aimed at realising international tax transparency. Exchange of information under CRS is achieved by requiring certain bodies including banks and other “Financial Institutions”, to collect data and report some of it… – Continue reading
The Revenue Commissioners have today, 16 May 2017, issued detailed user guides on automatic exchange of information reporting requirements for Irish financial institutions covering both FATCA and CRS/DAC2 reporting obligations. The new guidelines set out in detail the process for filing FATCA and CRS/DAC2 returns, including the new functionality for… – Continue reading
FATCA is unfair to Europe because the US government is not playing fair with tax information by failing to swap data. Members of the European Parliament are calling for the American IRS to give them information on European taxpayers with cash and investments in the US. The argument hinges on… – Continue reading
Malaysian individuals and entities that have bank accounts overseas will soon see their financial information being shared with other countries and tax authorities in an effort to boost global transparency and tax compliance. This requirement is part of the automatic exchange of financial account information set out by the Organisation… – Continue reading
NEW DELHI: The Pension Fund Regulatory and Development Authority has clarified that NPS accounts of investors who have not submitted the Foreign Account Tax Compliance Act (FATCA) self certification will not be blocked. The clarification, sent to the registered email addresses of NPS investors on Thursday, comes as a relief… – Continue reading
HM Revenue and Customs has updated the International Tax Compliance Regulations to include provisions on new automatic tax information exchange agreements and to clarify how non-compliance penalties will apply. The amendment clarifies due diligence and reporting requirements for financial institutions, to ensure the UK complies with international tax reporting standards,… – Continue reading
Starting on April 27, and finishing on May 2, the European Parliament (EP)’s Committee of Inquiry into Money Laundering, Tax Avoidance and Tax Evasion (PANA) is holding two meetings to present several related studies which address the impact of, and the fight against, tax evasion and money laundering, particularly in… – Continue reading
Witnesses call for repeal of Foreign Account Tax Compliance Act An agreement that has resulted in hundreds of thousands of Canadian banking records being sent to the U.S. Internal Revenue Service could violate the U.S. constitution, a congressional subcommittee heard Wednesday. Testifying before a subcommittee of the House Committee on… – Continue reading
Many of the data submissions made by early adopters over the next two months under the new common reporting standard (CRS) are likely to be rejected and returned for correction and resubmission, adding to compliance costs, according to predictions from Sovos, a global tax compliance solution provider The UK is… – Continue reading
The Indian Ministry of Finance on April 11 warned that where Foreign Account Tax Compliance Act-related self-certification and due diligence in relation to financial accounts have not taken place by April 30, 2017, affected accounts may be frozen until such time as these checks have taken place. Under the Inter-Governmental… – Continue reading
Government today said Financial Institutions must obtain self-certification of account holders by April 30, 2017 in order to maintain their accounts active. The financial institutions need to obtain self-certification and carry out due diligence in respect of all individual and entity accounts opened from July 1, 2014 to August 31,… – Continue reading
Financial institutions are working together to combat tax evasion, bribery and corruption through ISO certifications and the Common Reporting Standard. These are among the topics discussed in the spring 2017 issue of Deloitte’s quarterly publication, the Middle East Point of View (ME PoV). The spring 2017 issue tackles several hot… – Continue reading
1099 Pro now offers Common Reporting Standard software for CRS reporting as part of the OECD’s Automatic Exchange of Information for Tax Matters (AEoI) program. 1099 Pro, Inc., https://www.1099pro.com, known for over 25 years of Windows based product development for 1042-S, 1099, & FATCA reporting recently confirmed the upcoming release… – Continue reading
The New Zealand Law Society says that following discussions with Inland Revenue and the New Zealand Bankers’ Association it has now reached an understanding with Inland Revenue about application of FATCA to lawyers’ trusts accounts. FATCA is the United States’ Foreign Account Tax Compliance Act. Its objective is to reduce… – Continue reading
The European Parliament’s Panama Papers investigative committee is preparing for a “fact-finding” visit with counterparts in the U.S. Congress, as well as officials from the Treasury Department and Internal Revenue Service. The European Union lawmakers’ four-day U.S. trip, which begins March 21, will include a visit to Delaware for meetings… – Continue reading
The Caribbean Community is looking at spending nearly quarter of a million dollars on a Washington-based consultant to lobby the Trump administration about the Foreign Accounts Tax Compliance Act. Cayman appears unlikely, however, to be affected by any lobbying – or even FATCA repeal – in the wake of last… – Continue reading
Value added tax is likely to be an irrecoverable cost, negatively affecting margins for the banking sector Dubai: The UAE and GCC banks that are facing increased regulatory burden from Basel III capital requirements and International Reporting Standards 9 (IFRS 9) are expected to face further pressure in terms of… – Continue reading
Washington’s Foreign Accounts Tax Compliance Act, known as FATCA, will be assailed afresh as lawyers and lobbyists renew efforts to repeal the law as part of President Donald Trump’s tax reform. Washington-based Jim Jatras, a Republican and co-leader of the Campaign to Repeal FATCA, says “lots is happening,” and his… – Continue reading
On 7 February 2017, the Minister of Finance of Ukraine and the US Ambassador to Ukraine signed a treaty on Ukraine’s performance of the US Foreign Account Tax Compliance Act (FATCA) (the Treaty). According to the Ministry of Finance of Ukraine, the Treaty is based on the Model 1B Intergovernmental… – Continue reading
A CAMPAIGN has been launched in Washington DC to repeal international tax regulations that lobbyists say have cost Jersey and other finance centres billions of pounds. The controversial Foreign Account Tax Compliance Act, which was introduced in 2010 by President Barack Obama, requires all finance firms outside the US to… – Continue reading
The US taxes its citizens and permanent residents on their worldwide income regardless of where they live or how long they’ve lived outside of the US. There is only one other country in the world that operates like the US – Eritrea – an African nation. According to the IRS:… – Continue reading
With the arrival of the new year, don’t be surprised if your bank asks for information about yourself and your accounts that you didn’t have to provide before. These questions signal an important development as banks in Hong Kong and around the world prepare to share certain information with tax… – Continue reading
The Foreign Account Tax Compliance Act (FATCA) United States of America Implementation and Enforcement of the Inter-Governmental Agreement was passed in Parliament without opposition, making it mandatory for Antigua & Barbuda’s banks to provide the banking information of US citizens to the Internal Revenue Service (IRS). The Act requires local… – Continue reading
The Kuwait Ministry of Finance (MOF) has issued a ministerial resolution announcing that Deloitte & Touche, Al-Wazzan & Co in Kuwait has been certified with the ministry for the provision of Foreign Account Tax Compliance (FATCA) services. FATCA is a US legislation which aims to combat tax evasion by US… – Continue reading
The Caribbean Association of Banks (CAB) has expressed concern about the number of countries in the region which have not yet put in place inter-governmental agreements (IGAs) with the United States on the Foreign Account Tax Compliance Act (FATCA). It said it was therefore renewing the call for Caribbean countries… – Continue reading
Documents for thousands of Canadian residents transferred under controversial FATCA legislation Banking records of more than 315,000 Canadian residents were turned over to the U.S. Internal Revenue Service last year under a controversial information sharing deal, CBC News has learned. That is double the number transferred in the deal’s first… – Continue reading
On January 19, Greece and the United States signed an intergovernmental agreement (IGA) to facilitate compliance with the US Foreign Account Tax Compliance Act (FATCA) by financial institutions (FIs) in Greece. FATCA is intended to ensure that the US Internal Revenue Service (IRS) obtains information on financial accounts held at… – Continue reading
A European leader in financial, tax and regulatory reporting for the banking and insurance sectors, Invoke is expanding its software range to meet CRS/AEoI cross-country tax reporting requirements. As part of the global fight against tax evasion, the G20 and OECD program for the exchange of tax payers’ financial information… – Continue reading
Nassau, The Bahamas – The Bahamas has taken many steps to comply with global standards in the financial services sector. One such step is the implementation of the Common Reporting Standard (CRS). The Common Reporting Standard (CRS), developed in response to the G20 request and approved by the OECD Council… – Continue reading
Ministry of Finance – State of Kuwait recently “went live” with the Vizor Software for FATCA & AEOI solution to meet its FATCA obligations under the terms of its Intergovernmental Agreement (IGA) with the United States of America’s Internal Revenue Service (IRS). Today, Vizor Ltd. announced the Kuwaiti Ministry of… – Continue reading
Bahrain has signed an agreement to implement the US Foreign Account Taxpayer Compliance Act with the United States. FATCA, enacted by the US Congress in 2010, is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an… – Continue reading
Manama, Jan. 22 (BNA): An agreement was signed between the Government of the Kingdom of Bahrain and the Government of the United States of America to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA). The agreement was signed by the Minister of Finance, H.E. Shaikh… – Continue reading
Unknown to many Kenyans, Parliament’s passing of Finance Bill, 2016 that granted amnesty to Kenyan residents who have offshore incomes and assets in foreign banks had a very global agenda. The foreign income that is subject to amnesty is for the year ended December 31, 2016 and offers a waiver… – Continue reading
The Israel Tax Authority says Americans have provided information on 35,000 accounts held by Israelis in the U.S. and on an unspecified number of American accounts in Israel. The Israel Tax Authority said Monday it had begun passing on data on Israeli bank accounts held by American citizens and Green… – Continue reading
The Cayman Islands Government issued the second tranche of the Common Reporting Standard (“CRS”) regulations at the end of December 2016. Updated Guidance Notes will be issued in Q1 2017 by the Cayman Islands Tax Information Authority (“TIA”) to assist with the implementation of the regulations. Furthermore, TIA stated in… – Continue reading
On December 23, 2016, the US ambassadors and Alberto Abad signed an agreement for the exchange of tax information on request. 1. Introduction For the past few years, Argentina has been an active participant in the progress of exchange of international tax information. More than seventeen agreements have been signed… – Continue reading
The Mauritius IFC: Driving Growth in Africa As a jurisdiction of substance, the Mauritius International Financial Centre (Mauritius IFC) has been instrumental in driving quality investments in Africa, leading to sustained growth and prosperity across the continent. It is therefore with deep regret that we take note of the misperceptions… – Continue reading
The USA Tax and Financial Consultants Office in the Middle East confirmed that Kuwait has revealed the accounts of about 7,000 Kuwaitis who hold dual citizenship and are covered by the US tax laws according to the Foreign Account Tax Compliance Act (FATCA), reports Al-Anba daily quoting informed sources. Sources… – Continue reading
The United States has not agreed to participate in the Common Reporting Standard (CRS), relying instead on the Foreign Account Tax Compliance Act (FATCA) regime enacted in 2010 and initiated in 2014. United States participation in CRS is highly unlikely. Even with a change in control of Congress, CRS may… – Continue reading
The Organization for Economic Co-operation and Development (OECD) issued the Standard for Automatic Exchange of Financial Information in Tax Matters (Standard for AEOI) in July 2014, which aims to prevent offshore tax evasion and maintain the integrity of tax systems. Over 100 jurisdictions have committed to comply with the Standard… – Continue reading
European Union member countries are considering a “substance test” to determine whether a country or jurisdiction with a zero corporate tax rate qualifies as a tax haven that doesn’t reflect “real economic activity.” After a host of EU member countries rejected in early November the use of a zero corporate… – Continue reading
The Governments of the United States and Grenada have signed the Foreign Account Tax Compliance Act (FATCA) that will enforce a requirement for US citizens to file yearly reports on their non-US financial accounts. “This allows us to work together to ensure that financial institutions here in Grenada can help… – Continue reading
94 countries have committed to implement the joint disclosure system by 2017 and 2018 Abu Dhabi: The Ministry of Finance (MoF) has announced that the UAE will begin implementing the standards of joint disclosures and the exchange of information for tax purposes set out by the G20 and Organisation for… – Continue reading
President-elect Donald J. Trump has stated that among his top priorities will be revocation of President Barack Obama’s misguided executive orders. Among the first such items to get the ax should be a series of legally infirm international agreements to implement a monstrosity unfamiliar to most Americans, called the Foreign… – Continue reading
The number of individuals who renounced their US citizenship for Q-3 of Y 2016 was the 2nd-highest in history at 1,380, US Treasury Department reported. The Foreign Account Tax Compliance Act (FATCA), which enacted in Y 2010, and took years to implement, is “having an impact, perhaps bigger than these… – Continue reading
