On 21 June 2012, the governments of Japan and Switzerland each released a joint statement with the U.S. government regarding their intention to explore and negotiate an intergovernmental agreement (“IGA”) to facilitate the implementation of the FATCA. These statements with Japan and Switzerland are the first since the joint statement from February 2012 and contain the same broad principles, especially in the area of income tax withholding. However, there are significant differences between the three joint statements on matters related to tax information reporting, registration requirements with the IRS, account due diligence and information exchange.
The Global IRW Newsbrief provides an overview of the joint statements and PwC commentary.
