On December 30, 2015 on the website of the Dutch Staatscourant the text of the Competent Authority Arrangement between the Competent Authorities of the United States of America and the Kingdom of theNetherlands was published. The Competent Authority Arrangement between the Competent Authorities of theUnited States of America and the… – Continue reading
KUWAIT CITY, Dec 26: The US passports of some 6,000 Kuwaitis, among other 250,000 GCC citizens are vulnerable to sanctions by early next year unless they pay their taxes next month, according to the Foreign Account Taxes Compliance Act (FATCA), reports Al- Shahed daily. As of the beginning of January… – Continue reading
Tax cheats are facing a series of year-end deadlines to come clean, as an international dragnet affecting both wealthy Canadians with offshore accounts and Americans in Canada who have failed to file U.S. tax returns keeps tightening. Lawyers say some Canadians with Swiss bank accounts have received letters demanding written… – Continue reading
US Democratic presidential hopeful Bernie Sanders has pledged a crackdown on tax avoidance involving Bermuda and other offshore jurisdictions. Mr Sanders, currently trailing Hillary Clinton in the race for the nomination as presidential candidate, made the promise on an online political channel in America. Mr Sanders said he would use… – Continue reading
On 18 December 2015, the Regulations implementing the OECD Common Reporting Standard (“CRS“) in Ireland were approved by the Irish Parliament. This update follows on from previous updates published by Maples and Calder Dublin on CRS and US FATCA and outlines the practical next steps for Irish investment funds and… – Continue reading
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… – Continue reading
Legislation that enacts, as part of Belgian domestic law, the FATCA reporting provisions pursuant to an intergovernmental agreement (IGA) with the United States has been long-awaited. The Belgian tax authorities initially set a FATCA reporting deadline of 30 July 2015. However, without a law transposing the FATCA rules into Belgian… – Continue reading
Foreign Account Tax Compliance Act is a US global tax law. Countries must agree to the law or face the stick Less than 25 per cent of mutual fund (MF) investors have given out details in line with Foreign Account Tax Compliance Act, or Fatca, a US tax law, said… – Continue reading
The Association of British Insurers (ABI) and the Association of Professional Financial Advisers (APFA) have published updated joint guidance for insurers and financial advisers on the tax information requirements for new customers following changes to UK tax regulations. The new requirements are intended to ensure that the UK can exchange… – Continue reading
Penalties range from imprisonment to revoking nationally; anyone with a minimum of $10,000 in their bank accounts is subject to the law The US Internal Revenue Service (IRS) will start tracking Americans evading compliance with the Foreign Account Tax Compliance Act (FATCA) as of January 2016, according to Deputy Chairman… – Continue reading
Penalties range from imprisonment to revoking nationally; anyone with a minimum of $10,000 in their bank accounts is subject to the law The US Internal Revenue Service (IRS) will start tracking Americans evading compliance with the Foreign Account Tax Compliance Act (FATCA) as of January 2016, according to Deputy Chairman… – Continue reading
Effective Jan. 1, 2016, the IRS will compile a list of Americans in violation of new rule It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act… – Continue reading
Pakistan and the US have decided to share intelligence on income tax and bank accounts of Pakistani citizens that have dual nationality. The two countries will agree on one of three options laid down in Foreign Accounts Tax Compliance Act (FATCA) approved by US Congress and sign the proposed US-Pak… – Continue reading
New Delhi: A government crackdown on black money has led to detection of undisclosed income of over Rs 16,000 crore since March 2014, while assets worth Rs 1,200 crore have been seized, Revenue Secretary Hasmukh Adhia said today. “In 2014-15 and 2015-16 (up to November), the Income Tax Department by… – Continue reading
KUWAIT CITY, Dec 22: Jim O’Neill, Vice-President of the American Bureau of Consulting and Audit who is also in charge of international activity was recently quoted as saying the passports of those who have obtained the American citizenship and reside outside the United States might be withdrawn if they fail… – Continue reading
At a meeting at the Treasury yesterday, officials from Guernsey, Jersey and the Isle of Man were warned that the UK will not relax its demands for information laid out in formal documents sent to the islands in recent weeks. The document sets out plans to help the islands implement… – Continue reading
The Irish Revenue Commissioners have confirmed that the necessary statutory instrument to bring the final common reporting standard (CRS) regulations into Irish domestic law was signed 17 December 2015 and is effective 31 December 2015. Other recent developments concerning the automatic exchange of information (AEOI) regimes, include the publication of… – Continue reading
All insurers to undertake a value search for new accounts opened after Sept 1 and up to Oct 31 by Dec 31 Insurance regulator Irdai has directed all insurers to register and submit information to CBDT for compliance with the obligations under Foreign Account Tax Compliance Act (FATCA) – Common… – Continue reading
The start date for the Common Reporting Standard (CRS) in early adopting countries is approaching fast, with financial institutions required to begin new account on-boarding procedures from 1 January 2016. CRS requires financial institutions in participating jurisdictions to identify account holders who are tax resident in other participating jurisdictions and… – Continue reading
On Tuesday 15 December, Deloitte Luxembourg gathered around 150 business professionals from various sectors at Utopolis to this year’s last episode of the conference cycle covering the full spectrum of the Common Reporting Standards (CRS). While cinema technicians were preparing the premiere of the new Star Wars movie next door,… – Continue reading
The Cayman Islands Tax Information Authority (TIA), on December 8, 2015 provided the following implementation updates for the Common Reporting Standard (CRS): 1. Updated Self-Certification Forms ( Individual and Entity) for compliance with CRS, U.S. and U.K. FATCA, which should be used by Cayman Islands funds. From January 1 onwards,… – Continue reading
On December 17, the South African Revenue Service (SARS) issued an explanatory memorandum on the 2015 Tax Administration Laws Amendment Bill (TALAB). In particular, the memorandum looks at the TALAB provisions giving effect to the collection of information from South African financial institutions (FIs), and the associated obligation on the… – Continue reading
American expats could have their passports revoked next month if they fail to comply with their tax and financial obligations. American expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act, or Fatca, a… – Continue reading
A BALANCING ACT in London, folly and redemption in America’s District of Columbia and sheer hypocrisy in Brussels. And in every case, Barbados and many of its Caribbean neighbours were placed in the negative international spotlight at a time when some of the world’s major financial centres are casting about… – Continue reading
It is possible that the United States expats could have their passports revoked next month if they fail to comply with their tax and financial obligations under the Foreign Account Tax Compliance Act (FATCA). This was revealed by Mr. Jim O’Niell, Vice President of US Financial Advisory & Audit Firm… – Continue reading
American citizens risk losing passports if they do not report foreign income, bank accounts Dubai Americans must comply with tax law changes coming into effect in the new year and report income earned abroad and foreign-held bank accounts over $10,000 (Dh36,700) or else they risk losing their passports, a US… – Continue reading
The Protocol amending the Multilateral Convention on Mutual Administrative Assistance in Tax Matters will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and the suppression of political opponents and religious or ethnic minorities by authoritarian and corrupt governments. It puts Americans’ private financial information at risk…. – Continue reading
The Markets Supervision Directorate of the Central Bank published its programme of themed-inspections for 2016. These inspections reflect a number of supervisory priorities for 2016 and anticipate areas of emerging risk. This programme builds on the successful supervisory work undertaken in 2015 in the areas of Cyber Security, Operational Risk… – Continue reading
The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010. •FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts •FATCA focuses on reporting: •By U.S. taxpayers about certain foreign financial accounts and offshore assets •By foreign financial institutions about financial accounts held… – Continue reading
On 16 October 2015, the Cayman Islands Government issued new regulations with respect to a global initiative on the automatic exchange of information (“AEOI“) and the Common Reporting Standard (“CRS“), established to improve tax transparency in the increasingly globalised world. Links to the Tax Information Authority Law (2014 Revision) and… – Continue reading
The Bundesrat (upper house of the German parliament) approved the Law on the Automatic Exchange of Financial Account Information (Finanzkonten-Informationsaustauschgesetz) on 18 December 2015. Financial institutions face new reporting obligations and duties of care under this law. The new legislation requires financial institutions to provide the German Federal Central Tax… – Continue reading
MUMBAI|NEW DELHI: Many US-based non-resident Indians are considering selling their property in India – even at a discount – amid confusion and fear that a new information-sharing protocol may bring their assets, bank accounts, mutual funds and capital market investments in India under the scanner of US tax authorities. India… – Continue reading
2016 Compliance Update For the past few years, FATCA has dominated the international tax compliance landscape. As that regime continues to be phased-in, a new regime – the Common Reporting Standard (“CRS”) – will begin to be implemented around the world. CRS, sometimes referred to as “Global FATCA,” will expand… – Continue reading
Turkey’s ruling Justice and Development Party (AKP) government, in power for 13 years, has been notoriously lax and often late when it comes to implementing stringent rules controlling money in order to ensure better transparency in financial movements, halt tax evasion, prevent illicit funding and disrupt money laundering activities. That… – Continue reading
Where it happens does not matter. Portugal or overseas, whether its rental income, bank interest, bond yields, dividends, or even gains from the sale of a property, such personal financial information will be automatically shared from 1st January 2016. For many who have undergone financial planning, or have been involved… – Continue reading
Where it happens does not matter. Portugal or overseas, whether its rental income, bank interest, bond yields, dividends, or even gains from the sale of a property, such personal financial information will be automatically shared from 1st January 2016. For many who have undergone financial planning, or have been involved… – Continue reading
It has been a tough year for Russian businesses. The latest monthly forecast of the Economist Intelligence Unit (EIU) predicts a contraction in Russian real GDP of 3.8% in 2015 and another 0.5% in 2016. “Structural weaknesses will keep trend GDP growth below 2% a year in the medium term,”… – Continue reading
Fifty-three jurisdictions have agreed to automatic exchange of tax information beginning in 2017, under the OECD’s Common Reporting Standard. Over 40 others have committed to exchange information by 2018. Another wave of global tax information is about to take place, and financial institutions everywhere are in a race to prepare… – Continue reading
On 7 December 2015 the Cayman Islands Tax Information Authority (the “TIA”) published a list of 95 participating jurisdictions (see Schedule below) pursuant to The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “Regulations”) and the Cayman Islands FATCA/CRS Working Group (the “Working Group”) distributed self-certification… – Continue reading
Over 90 jurisdictions have committed to the OECD’s Common Reporting Standard (CRS), creating comprehensive global automatic information exchange for financial assets and the entities through which such assets may be held. Over 70 jurisdictions have signed the OECD’s Multilateral Competent Authority Agreement, which implements the CRS. The CRS is scheduled… – Continue reading
Draft 2015 Instructions for Form 8966. IRS has published a draft version of the instructions to the 2015 Form 8966 (FATCA Report), which certain foreign financial institutions (FFIs) and others use to report information with respect to U.S. accounts under the Foreign Account Tax Compliance Act (FATCA). The instructions reflect… – Continue reading
The common reporting standard framework was first released by the Organisation for Economic Co-operation and Development (the “OECD”) in February 2014 as a result of significant political will demonstrated by the G20 members to endorse a global model of automatic exchange of information and increase international tax transparency. On 21… – Continue reading
(MENAFN – Qatar News Agency) The Ministry of Finance attain several achievements during the past year, most notably the issuance of Law No. 2 of 2015 on the financial system of the State, which included provisions for preparing and implementing the general budget and the final account of the State…. – Continue reading
On 10 December 2015, the Belgian Parliament voted – in plenary session – the bill “on the communication of information relating to financial accounts, by Belgian financial institutions and the Federal Public Authority of Finance, within the framework of an automatic exchange of information at international level for tax purposes”…. – Continue reading
The U.S. Internal Revenue Service (IRS) has released Instructions for Form 1042 for 2015 that provide guidance for withholding agents regarding the filling in of their form. It includes updates for FATCA requirements in accordance with the newly issued regulations under Chapter 3 and 4 of the Internal Revenue Code…. – Continue reading
Growth and profitability have been at the crux of the corporate agenda and defined the way businesses function. Companies have nevertheless encountered challenges while trying to achieve these goals, which have inevitably required them to sometimes ‘work around the way of the land’. For instance, it is a common concern… – Continue reading
The BVI Business Companies Act 2004 (“BCA“) is shortly due to be amended by the BVI Business Companies (Amendment) Act 2015 (the “Amendment Act”). As well as keeping the British Virgin Islands (“BVI“) corporate regime at the forefront of compliance with international standards, the Amendment Act is intended to provide… – Continue reading
FATCA (the Foreign Account Tax Compliance Act) came into force in July 2014. It is far-reaching and may impose a compliance burden on the trustees of New Zealand family trusts, even if no US persons are involved. IRD has recently issued further draft guidance on the application of FATCA to… – Continue reading
Lately, the IRS is warning offshore account holders to disclose before it’s too late. Under FATCA, banks everywhere want to know if you are compliant with the IRS. And the cost of compliance for many people is growing. The IRS updated its list of foreign banks where accounts trigger a… – Continue reading
The US has refused to join the Common Reporting Standard (CRS) which binds banks to share information about assets with tax services of other countries. Switzerland has accused the US of double standards and abuse of confidence. On May 6, 2014, 47 countries agreed on a common reporting standard, an… – Continue reading
