September 12, 2016 - FATCA Delays Would Cause ‘Severe' Damage, Israel Says
The issue of complying with FATCA is huge in Israel, where as much as 5 percent of the population—some 300,000 to 400,000 people—hold U.S. citizenship. It's big for banks and other financial institutions as well, as they would face sanctions for noncompliance, including a 30 percent withholding tax on U.S.-sourced income payments.
September 6, 2016 - FATCA: Could Israeli Injunction On US Sovereignty 'Violating' Tax Law Prompt Rethink?
“Justice Meltzer’s action should be championed,” deVere’s Green asserts, who is an outspoken critic of FATCA. “His wise caution should serve as a wake-up call for other countries to rethink enforcing this toxic, flawed, damaging legislation that is being imposed on sovereign states around the world by the U.S.”
September 6, 2016 - udge Blocks Israeli FATCA Data Transfer As ‘Unfair’
Judge Hanan Meltzer has stopped the Israeli tax authority and financial institutions from handing information about the finances of around 300,000 US taxpayers living in the country to the IRS in direct contravention of FATCA.
August 30, 2016 - MFs, banks lobby for extension of 31 August FATCA deadline
The extension sought is backed by the rationale that massive investments face the risk of being temporarily locked-out until account-holders adhere with the FATCA rules
August 24, 2016 - August 31 FATCA, CRS deadline approaching; 5 things you should know to avoid trouble
What is FATCA and CRS? These are laws under which financial institutions around the world are required to report account details of its account holders that are treated as ‘reportable’ under the regulations in order to promote transparency and exchange of information.
August 24, 2016 - High Inaccuracy Rate Seen in FATCA Filings
“These 100 survey respondents self-reported that only 44 percent of their filings were accurate, so that meant conversely 56 percent had some sort of error rate,” said Scott Freedman, director of product strategy at Sovos Compliance.
August 24, 2016 - Trinidad and Tobago signs inter-governmental FATCA agreement with US
This would allow for the automatic exchange of information between both countries and also ensure that foreign financial institutions, including local banks and insurance companies, will not be subject to a 30 per cent withholding tax.
August 19, 2016 - Financial institutions poorly prepared for automatic information exchange
Financial institutions are reporting a number of challenges over compliance with new OECD requirements related to the automatic exchange of information (AEOI) on client bank accounts in foreign jurisdictions, exacerbated by problems complying with the US Foreign Account Tax Compliance Act (FATCA) requirements, according to Aberdeen Group
August 16, 2016 - IRS Updates Foreign Account Tax Compliance Act FAQs:
On August 8, 2016, the IRS updated the “frequently asked questions” (FAQs) on the Foreign Account Tax Compliance Act, FATCA IDES Technical FAQs section at IRS.gov
August 12, 2016 - U.S. Provincial States Vie for Offshore Assets
Apart from Delaware, Nevada, South Dakota and Alaska are the frontrunners in this contest, according to the report. Further states, such as New Hampshire, Wyoming, Tennessee and Ohio have entered the frame and hope to attract some of the billions in offshore cash.
August 10, 2016 - US IRS is focusing on FATCA Intergovernmental Agreements currently “in effect”
In Announcement 2016-27, released 29 July 2016, the US Internal Revenue Service (IRS) updated guidance for jurisdictions that are treated as having an Intergovernmental Agreement (IGA) in effect for purposes of the Foreign Account Tax Compliance Act (FATCA)
July 25, 2016 - Financial institutions warned to file FATCA reports for 2015
The TAJ says to date 24 of the 44 financial institutions required to file a FATCA report have done so. Financial reports are required to provide information on accounts held by US citizens and residents living on the island to tax authorities in America.
July 21, 2016 - IRS Proposes New QI Agreement for Foreign Banks to Comply with FATCA
Notice 2016-42, released earlier this month, outlines the proposed QI agreement, which revises and updates the current agreement in Rev. Proc. 2014-39, released by the IRS in July 2014. The revised agreement details the procedures for how qualified intermediaries can meet their compliance review obligations. The notice also describes the terms and requirements for qualified intermediaries that want to act as qualified derivatives dealers, or QDDs, with respect to transactions subject to Section 871(m) of the Tax Code, which governs “dividend equivalent” payments. The proposed QI agreement, when it’s finalized, would be effective beginning Jan. 1, 2017, and the IRS is asking for comments by Aug. 31, 2016 on the proposal.
July 19, 2016 - FACTA agreement signed
Slovakia and the United States can now exchange information for tax purposes more easily, thanks to the Foreign Account Tax Compliance Act (FACTA) agreement signed in Bratislava on July 31, 2015.
July 13, 2016 - Finance C'ttee approves FATCA compliance bill
The Knesset bill requires financial entities to disclose information about US citizens in Israel to the IRS.