How does the recent FATCA guidance affect asset managers?
On February 20, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued extensive temporary regulations that (1) amend the existing final Treasury regulations implementing the Foreign Account Tax Compliance Act (FATCA) and (2) provide guidance to harmonize the FATCA rules with the existing US information reporting and withholding rules. Since February 20, the Treasury and IRS have also released the final W-8BEN-E (for foreign entities), guidance on certain intergovernmental agreement (IGA) jurisdictions, and the deferral of certain key registration dates.
PwC formatted version of temporary & final FATCA regulations
PwC has updated its formatted version of the FATCA regulations to include the changes released by the US Treasury on 6 March 2014.
IRS adopts comments from insurers in new FATCA regulations - how will the new rules impact your compliance plans?
Insurers should quickly assess changes and incorporate any necessary adjustments into their FATCA implementation plans before the approaching FATCA effective dates.
With only four months to go, do you know the impact of the latest FATCA guidance?
The US Department of the Treasury and the Internal Revenue Service released on February 20, 2014 two sets of final and temporary regulations. The first set contains changes to the provisions of Chapter 4 of the Internal Revenue Code commonly referred to as the Foreign Account Tax Compliance Act. The second set of regulations coordinate the documentation standards, reporting, and withholding rules relating to payments made to non-US and US persons with the FATCA regulations.
FATCA: A perspective on service providers
This paper explores how FATCA’s requirements may impact the relationship between companies and their service providers, and discusses how service providers can work with their clients to understand their FATCA related needs and prepare to provide information to enable their clients to certify FATCA compliance.
OECD publishes Common Reporting Standard documents
The OECD recently released the Common Reporting Standard to establish a new global standard for automatic exchange of financial account information.
Canada and the US sign FATCA Intergovernmental Agreement
The United States and Canada announced on February 5, 2014, that they have signed an Intergovernmental Agreement (IGA) to improve international tax compliance and to implement the US Foreign Account Tax Compliance Act (FATCA). The attached article provides an overview of the Canada - US IGA and discusses its scope and impact on Canadian institutions.
US and global information reporting and withholding: Looking ahead to 2014 and beyond
Information reporting and withholding requirements are expected to become more numerous and complex, particularly in light of the many provisions of the Foreign Account Tax Compliance Act (FATCA) becoming effective July 1, 2014. This Tax Insight serves as a high-level primer to facilitate discussions as businesses consider their compliance requirements for the current year.
Soon to be released 'Common Reporting Standard' promises new FATCA-type obligations around the world
The starting date for various obligations under FATCA is July 1, 2014. Even before this date, another significant milestone is set to occur − the release of the Common Reporting Standard (CRS) in February 2014 by the Organisation for Economic Co-operation and Development (OECD).
The Netherlands and the United States sign a bilateral FATCA Intergovernmental Agreement
On December 18, 2013, the U.S. Chargé d’Affaires ad interim and the Dutch State Secretary for Finance signed the Netherlands-US IGA under FATCA.
Malta and the US sign FATCA Intergovernmental Agreement
The United States and Malta announced on December 16, 2013 that they have signed an IGA to improve international tax compliance and to implement the US FATCA.
France and the US sign bilateral agreement on the implementation of FATCA
On November 14, 2013, French Minister of Economy and Finance Pierre Moscovici and US Ambassador to France Charles H. Rivkin signed a bilateral IGA intended to implement FATCA.
IRS releases draft ‘FFI agreement’ under FATCA and related guidance: Long awaited piece of the puzzle contains surprising twists
The IRS issued Notice 2013-69 addressing FFI agreements and related issues under FATCA and accompanying regulations.
IRS Notice 2013-69 FFI agreement for Participating FFI and Reporting Model 2 FFI in an easy to read format
This document is a formatted version of IRS Revenue Procedure 2014-13, FFI Agreement for Participating FFI and Reporting Model 2 FFI.
UK and Isle of Man sign agreement based on FATCA to share tax information
On October 11, 2013 the Chancellor announced that the UK and Isle of Man had signed an automatic tax information exchange agreement based on FATCA (the US Foreign Account Tax Compliance Act). This Newsbrief provides an update and background information on the agreement.
IRS amendments clarify and correct FATCA regulations: Do any of the changes affect your compliance plan?
The Internal Revenue Service (IRS) on September 10 issued correcting amendments to the final Foreign Account Tax Compliance Act (FATCA) regulations released in January. This Newsbrief describes key changes contained in the technical correction and provides observations.
IRS releases new Form W-9 and Instructions for the Requester of Form W-9
On August 29, 2013, the IRS released a new Form W-9, Request for Taxpayer Identification Number and Certification and its instructions. The Form W-9 is one of several forms being revised to conform to the provisions of FATCA. This Newsbrief provides an overview and key observations of the new Form W-9.
IRS opens FATCA online registration system to provide a beneficial user testing period
The Internal Revenue Service (IRS) announced the opening of the Foreign Account Tax Compliance Act (FATCA) registration system on August 19, 2013. This Global IRW Newsbrief provides background information, important deadlines, key observations, and next steps.
HM Treasury and HMRC issued updated Guidance Notes in respect to the Implementation of The International Tax Compliance Regulations 2013
On August 14, 2013, HM Treasury and HMRC issued updated Guidance Notes (“UK Guidance”) in respect of the Implementation of The International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) laid before the UK House of Commons earlier this month. This version of the guidance supersedes any versions previously published. This Newsbrief identifies key changes and certain additions from the draft UK Guidance released in May 2013.
HMRC lays FATCA regulations before UK House of Commons
On August 7, 2013, HM Treasury and HMRC laid the International Tax Compliance (United States of America) Regulations 2013 (“UK Regulations”) before the UK House of Commons. The UK Regulations will bring the Agreement between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland to Improve International Tax Compliance and Implement FATCA (“the Treaty”) into UK law.
Taking control of FATCA: Building effective internal controls and processes to promote compliance and certification
Ensuring that controls are effectively implemented, monitored, and maintained as part of an overall FATCA compliance program is a daunting task for impacted institutions. This new whitepaper from PwC's Global Information Reporting practice expands on an earlier paper released in the winter of 2013 and explores strategies for developing an effective governance, compliance, and controls framework.
The widespread reach of FATCA: How will it affect your business?
FATCA’s application to financial institutions is immediately evident and has prompted the industry to action as it prepares to be compliant. However, less understood have been the potential implications of FATCA on nonfinancial multinational corporations. This paper explores its impact and the path forward for nonfinancial multinational businesses.
Draft FATCA-related IRS forms: A snapshot of those released so far
Preparation for compliance with FATCA is well underway and a key element will be the various forms used to communicate between withholding agents, their payees, and the Internal Revenue Service. This Newsbrief provides an overview of recently released drafts of certain FATCA-related forms.
European Commission seeks to expand automatic information exchange between EU Member States
In this Newsbrief, we explore the effects of the European Commission’s proposed amendments to the automatic exchange of information (“AEOI”) between EU Member States on “dividends, capital gains, all other financial income and account balances.”
BMF announces the release of the German Intergovernmental Agreement for implementing FATCA
On Friday, 31 May 2013, the German Ministry of Finance, Bundesfinanzministerium (BMF), announced the release of the FATCA Intergovernmental Agreement between the Federal Republic of Germany and the United States (German-U.S. IGA) for implementing the broad ranging provisions of the Foreign Account Tax Compliance Act (“FATCA”). This Newsbrief provides an overview of the key elements of the German-U.S. IGA and how it compares to the Model 1 IGA.
IRS releases draft FATCA registration forms and additional information regarding FFI lists
The IRS released draft Form 8957, FATCA Registration, for public review and comment on April 5, 2013. Form 8957, when issued in final form, may be used by foreign financial institutions (FFIs) to register for FATCA purposes. In the IRS release of the draft Form 8957, the IRS reiterated its intention to utilize an on-line registration portal (Portal) for FATCA registration. The Portal is expected to be available in July of this year.
Applying FATCA to captive insurance arrangements: Surprising results may occur
In this Newsbrief, we take a closer look at the potential impact of FATCA on the global captive insurance market.
The insurance industry and FATCA – Moving from assessment to implementation: Top 13 in ’13
This whitepaper explores 13 critical issues that insurance industry executives should take into account in 2013 and beyond as compliance programs shifts from impact assessment to implementation.
Final Foreign Account Tax Compliance Act (FATCA) regulations issued: Let the compliance begin
Stakeholders patiently waiting for guidance regarding the Foreign Account Tax Compliance Act (FATCA) need not wait any longer -- final regulations were issued on January 17, 2013. This Newsbrief describes at a high-level some of the notable distinctions between the proposed and final regulations as well as some essential and necessary actions for stakeholders to think about.
How do the final FATCA regulations impact insurers?
PwC released an earlier Newsbrief on January 18, 2013 highlighting many of the distinctions between the proposed regulations and final regulations, which potentially apply to all industries. To supplement the earlier Newsbrief, this Newsbrief describes the most notable differences between the proposed and final FATCA regulations that will impact insurers.
How do the final FATCA regulations affect asset managers?
The long-awaited final Foreign Account Tax Compliance Act (FATCA) regulations have arrived and, while much analysis still needs to be done, the US Department of the Treasury and the Internal Revenue Service provided welcome relief on a number of key issues for the asset management industry. This Newsbrief highlights key areas for consideration for asset managers (including notable changes from the proposed FATCA regulations) as they set their FATCA implementation agenda for 2013 and beyond.
FATCA for Irish financial institutions
On December 21, 2012, the Chargé d’affaires at the US Embassy in Ireland and the Minister for Finance of Ireland signed an intergovernmental agreement (the US-Ireland IGA), for which enabling provisions are due to be enacted into Irish tax legislation in the coming months. The IGA changes the way in which FATCA affects Irish financial institutions.
HMRC issues Draft Guidance Notes - Implementation of International Tax Compliance (United States of America) Regulations 2013
On December 18, 2012, HM Treasury and HMRC released the draft International Tax Compliance Regulations 2013 (“UK Draft Regulations”) to implement the Agreement to Improve International Tax Compliance and to Implement FATCA (“UK-US IGA”). This Newsbrief provides an overview of the key clarifications and gaps and includes an appendix with detailed analysis of, the UK Draft Guidance. A summary of responses to the consultation will be provided in a future Newsbrief.
United States and Ireland sign a bilateral FATCA Intergovernmental Agreement
This Global IRW Newsbrief provides an overview of the United States and Ireland FATCA intergovernmental agreement signed on December 21, 2012. This is the fourth FATCA agreement signed by the United States and closely follows the Model I Agreement issued in July 2012 by the governments of France, Germany, Italy, Spain, the UK and the US.
IRS Chief Counsel issues memorandum regarding a withholding agent's ability to rely on e-mailed or faxed Forms W-8
The Internal Revenue Service Office of Associate Chief Counsel (International) recently responded to a request for assistance to understand under what circumstances is a Form W-8 that is signed with a handwritten signature and electronically transmitted to a withholding agent (for example, as a PDF or facsimile) a form upon which the withholding agent may rely. The informal written guidance provided under Generic Legal Advice Memorandum AM 2012-008 dated August 8, 2012 describes the conditions necessary for a withholding agent to rely on a Form W-8 that is received via fax or e-mail.
FATCA and KYC: Similar yet different
FATCA extends customer due diligence and reporting requirements well beyond what is typically performed for "Know Your Customer" (KYC) purposes. This whitepaper highlights four key challenges that Anti-money-laundering (AML) and KYC professionals should understand as their financial institutions begin to implement FATCA alongside existing account opening and AML/KYC capabilities.
The impact of FATCA withholding on real estate companies, funds and joint ventures -- Part 2
This Real Estate Tax Alert focuses on the classification of non-US entities under FATCA and what non-US entities should do to comply with this new regime which is in addition to and does not replace other US information reporting and withholding regimes.
The impact of FATCA withholding on real estate companies, funds and joint ventures -- Part 1
This Real Estate Tax Alert focuses on the classification of US entities under FATCA and what US entities should do to comply with this new regime.
Treasury releases model intergovernmental agreement for implementing FATCA
This report provides a summary, and in-depth analysis and observations at a detailed level to compare and contrast the Model Agreement and the proposed regulations, including review of the potential impact of the Model Agreement, and potential challenges that impacted institutions may face with respect to compliance, including considerations for taking on these challenges.