June 16, 2011 - Canada seeks US tax law exemption
Mr Flaherty argued that because Canada and the US already had an agreement to share tax information, the Foreign Account Tax Compliance Act (Fatca) would be “unnecessary red tape”.
June 16, 2011 - FATCA could fundamentally change the way funds are distribu
FATCA could fundamentally change the way funds are distributed, according to Charles Muller (pictured), Deputy Director General of ALFI, the Association of Luxembourg Funds Industry.
June 6, 2011 - IRS Issues Guide for Opting Out of Vol. Disc. Program
This memo is from Steven T. Miller (Deputy Commissioner forServices and Enforcement)
June 6, 2011 - What Private Banking Industry Relationship Managers Should K
On April 8, 2011, the U.S. Internal Revenue Service issued Notice 2011-34 (the “Notice”), which provides guidance on the application of FATCA to financial institutions.
June 6, 2011 - Tough US tax clampdown threatens custodian costs
Next year, managers and custodians will be required to sign an agreement with the IRS saying they will co-operate, and then identify and report US taxpayers investing in accounts outside the US.
May 31, 2011 - Government Looking at Partnership Issues Under FATCA, Plowgi
The government is considering how best to address partnerships and other passthrough entities, among a host of other issues, under the disclosure regime established by the Foreign Account Tax Compliance Act,
Feb 23, 2012 - Swiss demand banks help clean up tax-haven image
Switzerland announced plans on Wednesday to force its secretive banks to do more to make sure foreign clients' money is taxed in an attempt to shake off its image as a haven for untaxed funds as it seeks to end a damaging U.S. tax probe.
May 24, 2011 - RAHN: Banking on national economic suicide
Last week, the Internal Revenue Service (IRS) and U.S. Treasury held a hearing on a proposed regulation that is so dumb and destructive that people had assumed it was buried for good a decade ago, when it originally was proposed.
May 19, 2011 - As IRS crusades against Americans hiding money offshore, Lat
Even as the U.S. Internal Revenue Service crusades against Americans using offshore banks to hide money, these tax experts say, the United States itself serves as a massive haven for international tax cheats.
May 19, 2011 - New tax evasion law has foreign investors looking to K Stree
A new law designed to prevent offshore tax evasion has set off a surge of lobbying, with several foreign financiers and trade associations turning to K Street for the first time.
May 13, 2011 - U.S. Tax Laws Change The Rules Of The Game
Most advanced economies have tax evasion problems just as significant as those in the U.S., and it may be only a matter of time before other major countries begin to adopt similar legislation for offshore compliance regimes.
May 11, 2011 - US tax act to impact banks in UAE
For UAE banks, the disclosure and reporting process means incurring a cost of millions of dirhams or bearing a 30 per cent withholding tax, according to tax experts.
May 6, 2011 - IRS Officials Shed Light on FATCA's Family Member Linking Con
Under the Foreign Account Tax Compliance Act, the U.S. status of a family member of a client with a preexisting individual private banking account at a foreign bank need not be reported by foreign financial institutions (FFIs) unless that family member has an account linked to the client's account through the private banking relationship, an IRS official said May 3.
May 5, 2011 - Officials Still Looking for FATCA Comments
The IRS is developing proposed regulations implementing the Foreign Account Tax Compliance Act but is still seeking comments on a number of topics, IRS and Treasury officials said May 3.
May 5, 2011 - Financial institutions face US tax reporting pressure
The Cayman Islands Government and Cayman Finance organised a tax seminar in April for financial institutions as well as US passport and green card holders in Cayman about new US tax legislation that will force foreign financial institutions to disclose information regarding US taxpayers directly to the Internal Revenue Service.