FATCA final regulation is out

The IRS released final FATCA regulations on 17 January 2013. Analysis will be available soon.

FATCA start date is 2014

FATCA regulation applies for new customer w.e.f. 1 Jan 2014

Withholding starts in 2014

Withholding starts in 1 Jan 2014 on certain US income.

US person are under FATCA radar

FATCA applies to US person and entities having business or investment outside US.

13 July 2013

FATCA is further delayed by 6 months to 1 July 2014

IRS had announced yesterday that complex FATCA is further delayed by 6 months. Now new live date is 1st July 2014.

As per the draft released in April 2013, FATCA registration process was suppose to start in July 2013. But the understanding is the portal is not available to initiate the FATCA registration.

This will also give time to IRS and multiple countries to agree on IGA. This will help banks in respective countries a guidance about FATCA implementation.  

More details on FATCA delay will follow soon.

Read More: FATCA Reporting

20 June 2013

IGA countries list - July 2013

Based on information available and prevailing news, here is a list compiled for IGA countries. 

Following countries have signed Model 1 IGA
  • Denmark 
  • Germany 
  • Ireland 
  • Mexico 
  • Norway 
  • Spain 
  • United Kingdom 
Following countries have signed Model 2 IGA
  • Japan 
  • Switzerland 

15 April 2013

European (EU) version of FATCA

Recently five big EU countries (France, UK, Italy, Germany & Spain) worked their wayout and expressed that they agree to set up a facility to catch and deter tax evaders. It is expected that it will be based on FATCA model, no wonder if it is popularly referred as EU FATCA. 

10 April 2013

Form 8957 - FATCA Registration Process (DRAFT) released by IRS

In Continuation to our earlier post FATCA Portal, we have an update. IRS has recently released Form 8957 - FATCA Registration Process (DRAFT)

Here is the link to Form 8957 - http://www.irs.gov/pub/irs-utl/13f8957_040113.pdf


Notable points

  1. This is just a draft form for review only. Please do not submit it for registration purpose.
  2. There will two registration options - Online and Paper form submission.
  3. Registration process will begin in July 2013.
  4. Financial institutions registering through the online process will receive notice of registration acceptance and obtain GIIN in due course.
  5. For paper form submission, final form will be available in July 2013.
  6. Paper form registration will not be processed until October 2013.
  7. Paper form registration process may experience a delay in registration acceptance and obtaining GIIN in comparison to online registration process.

05 April 2013

Spainish IGA - still a puzzle

In December 2012, Spain authorities reported that they have initiated FATCA IGA (intergovernmental agreement) with US. Since then, there is no information regarding Spain IGA. On other side, there is no official statement from US regarding an IGA with Spain.

Updates: IRS has formally announced that it has signed an IGA with Spain on 14 May 2013.