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FATCA - Offshore Account Enforcement News

October 11, 2017 - FATCA ‘files’ sent off to US
The Ministry of Finance has sent the first official list of names of Americans and Kuwaitis who also hold the US citizenship to the US Department of Revenue in compliance with the Foreign Account Tax Compliance Act (FATCA) based on agreement signed between the countries, reports Al-Rai daily.

September 28, 2017 - IRS: Foreign Entities Must Forget Old Qualified Intermediary FAQs (Corrected)
The IRS deleted the previous FAQs from its website between 2015 and 2016, added Ferris, who hosted the conference's closing question-and-answer session with the U.S. tax agency. The FAQs “give a lot of extra guidance to qualifying intermediaries—guidance that is not in the QI Agreement or the regulations.”

September 28, 2017 - US IRS relaxes FATCA rules for financial institutions required to report TINs
Notice 2017-46, provides that foreign financial institutions (FFIs) in Model 1 IGA jurisdictions will not be in significant non-compliance with an applicable IGA during 2017, 2018, and 2019 because of a failure to report US TINs for preexisting accounts, provided the FFI reports the account holder’s date of birth, makes annual requests for the TIN, and searches its electronic records for missing US TINs before reporting information on 2017.

July 5, 2017 - CRS: the end of tax evasion?
CRS is the framework issued by OECD to collect, report and automate the exchange of taxpayer information among regulators across the countries. Automatic exchange of information (AEOI) will facilitate the transmission of taxpayer information from the source jurisdictions to the taxpayer’s residence jurisdictions. It will help regulators to have tax information of non-resident account holders and thus ease catching hold of where tax has been evaded.

June 7, 2017 - IRS revamps FATCA registration system
The Internal Revenue Service has updated its online registration system for the Foreign Account Tax Compliance Act to allow foreign financial institutions to renew their agreement with the IRS.

June 2, 2017 - FATCA and CRS Reporting Deadlines Near
The 30 June 2017 deadline for Isle of Man Financial Institutions to submit their 2016 US FATCA reports to the Income Tax Division is now less than one month away.

June 2, 2017 - 400,000 US Expats Ready To Renounce Citizenship Over FATCA
The poll by international tax service Greenbacks asked Americans living overseas if they plan to give up their citizenship because of the Foreign Account Tax Compliance Act (FATCA).

April 10, 2017 - Surge in US expats declaring offshore assets
Though the Trump administration has yet to make any official announcement on the policy, it is widely expected that the amnesty could be curtailed or even ended.

April 6, 2017 - Americans abroad lobby for tax changes
Some Republican lawmakers have pushed for doing away with FATCA. In the last Congress, Sen. Rand Paul (R-Ky.) and Rep. Mark Meadows (R-N.C.) introduced legislation to scrap many of the law’s provisions; then-Rep. Mick Mulvaney (R-S.C.), who is now director of the Office of Management and Budget, was a cosponsor of Meadows’s bill.

April 6, 2017 - Meadows-Paul Letter Urging Executive Action To Nullify FATCA Is A Landmark Moment
Meadows and Paul introduced FATCA repeal legislation in the previous Congress and plan to file the same bill tomorrow, with expectations that repeal will be included in any tax law sent to President Trump. A House hearing on the damaging impact of FATCA, especially on Americans living abroad, will take place on April 26.

March 28, 2017 - Anti-FATCA lawyer rejects Europe threat to US taxpayers
The U.S. legislation requires nearly 9 million overseas U.S. citizens and a broad range of U.S.-affiliated individuals – including 6.000 in the Cayman Islands – and companies to declare their overseas accounts and income, paying taxes to Washington’s Internal Revenue Service.

March 20, 2017 - VAT and CRS to add to costs and regulatory burden of banks
“The increased volume of data to be collected, stored, retrieved and reported under CRS is a significant logistical challenge. The bigger challenge, however, is around new customer communication and existing customer remediation,” said Clare McColl, Partner, KPMG.

Feb 17, 2017 - Ukraine, US sign Model 1 FATCA agreement
The US and Ukraine had previously agreed in substance to a Model 1 FATCA IGA and Ukraine has been treated as if it had a FATCA agreement in effect as of June 30, 2014.

Janaury 26, 2017 - Kamla writes Trump on FATCA
Opposition Leader Kamla Persad-Bissessar has bypassed Prime Minister Dr Keith Rowley and has written directly to United States President Donald Trump, asking him to state his position on the Foreign Account Tax Compliant Act (FATCA).

Janaury 26, 2017 -Greece, US sign FATCA agreement
The US Treasury Department updated its FATCA website January 24, reporting that Greece has signed a Model 1 intergovernmental agreement (IGA) and an understanding with the United States.

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