Adoption Bill FATCA filed with United States
At the House of the approval bill filed from between the Kingdom of the Netherlands, on behalf of Curaçao, and the United States of America Convention concluded improve international tax compliance and implementing FATCA (hereinafter Cur IGA).
The Convention is published in Trb. 2015, 11 and 144. The approval is requested for Curaçao. The treaty was submitted for tacit approval on September 9, 2015 to both Houses of Parliament (UN 2015 / 53.6). However, the House has stated that it is subject to the express approval of the States General. This proposal by statute to that effect. Concurrent is a Kingdom Bill on the adoption of a supplementary treaty to the Lower House.
The Cur IGA is an intergovernmental agreement that the disclosure of financial information and its exchange between Curaçao and the US allows and compulsory. Financial institutions do or not to conclude an agreement with the Internal Revenue Service (IRS), but provide financial account information directly to their own government. This will be on a reciprocal basis through automatic exchange of information sharing that information with the US. FATCA represents the Foreign Account Tax Compliance Act. This is a US law that requires global financial institutions to report to the IRS about accounts held by US taxpayers outside the US
