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In April 2014, the U.S. Treasury Department and IRS announced that any jurisdictions that reach "agreements in substance" and consent to their compliance statuses being published by the July 1, 2014 deadline would be treated as having an IGA in effect through the end of 2014, ensuring no penalties would be incurred during that time while giving more jurisdictions an opportunity to finalize formal IGAs.<ref name="treasury.gov"/><ref name=in-substance/>
In April 2014, the U.S. Treasury Department and IRS announced that any jurisdictions that reach "agreements in substance" and consent to their compliance statuses being published by the July 1, 2014 deadline would be treated as having an IGA in effect through the end of 2014, ensuring no penalties would be incurred during that time while giving more jurisdictions an opportunity to finalize formal IGAs.<ref name="treasury.gov"/><ref name=in-substance/>


With Canada's agreement in February 2014, all [[G7]] countries have signed intergovernmental agreements. {{As of|2014|7|1}}, the following jurisdictions have concluded intergovernmental agreements with the United States regarding the implementation of FATCA, most of which have not entered into force.<ref name="treasury.gov">{{cite web|title=U.S. Treasury FATCA Resource Center|url=http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx|publisher=[[United States Department of the Treasury|U.S. Treasury Department]]}}</ref>
With Canada's agreement in February 2014, all [[G7]] countries have signed intergovernmental agreements. {{As of|2014|7|1}}, the following jurisdictions have concluded intergovernmental agreements with the United States regarding the implementation of FATCA.<ref name="treasury.gov">{{cite web|title=U.S. Treasury FATCA Resource Center|url=http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx|publisher=[[United States Department of the Treasury|U.S. Treasury Department]]}}</ref>


{| class="wikitable sortable"
{| class="wikitable sortable"
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! Jurisdiction !! Type !! Signature !! Entry into force !! Approval process<br />partner state
! Jurisdiction !! Type !! Signature !! Entry into force !! Approval process<br />partner state
|-
|-
| {{AUS}} || 1 || {{dts|April 28, 2014}} || ||
| {{AUS}} || 1 || {{dts|April 28, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{AUT}} || 2 || {{dts|April 29, 2014}} || ||
| {{AUT}} || 2 || {{dts|April 29, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{BEL}} || 1 || {{dts|April 23, 2014}} || ||
| {{BEL}} || 1 || {{dts|April 23, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{BMU}} || 2 || {{dts|December 19, 2013}} || ||
| {{BMU}} || 2 || {{dts|December 19, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{VGB}} || 1 || {{dts|June 30, 2014}} || ||
| {{VGB}} || 1 || {{dts|June 30, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{CAN}} || 1 || {{dts|February 5, 2014}} || || Implementation act published<ref>{{cite web|url=http://www.fin.gc.ca/drleg-apl/2014/can-us-eu-0214l-eng.asp|title=Legislative Proposals Relating To the Canada–United States Enhanced Tax Information Exchange Agreement|work=Department of Finance, Canada|accessdate=March 5, 2014}}</ref>
| {{CAN}} || 1 || {{dts|February 5, 2014}} || {{dts|July 1, 2014}} || Implementation act published<ref>{{cite web|url=http://www.fin.gc.ca/drleg-apl/2014/can-us-eu-0214l-eng.asp|title=Legislative Proposals Relating To the Canada–United States Enhanced Tax Information Exchange Agreement|work=Department of Finance, Canada|accessdate=March 5, 2014}}</ref>
|-
|-
| {{CYM}} || 1B<ref name="Bilateral Pacts Represent First FATCA Agreements in the Caribbean">{{cite web | url=https://www.lexis.com/research/retrieve?_m=54942bd0a2b5d61771383206e41215c0&csvc=lt&cform=byCitation&_fmtstr=FULL&docnum=1&_startdoc=1&wchp=dGLzVzt-zSkAb&_md5=adcab8e0fd1241439c7689a186ca20da | title=Bilateral Pacts Represent First FATCA Agreements in the Caribbean | publisher=Tax Analysts | date=November 29, 2013 | accessdate=December 3, 2013}}</ref> || {{dts|November 29, 2013}} || ||
| {{CYM}} || 1B<ref name="Bilateral Pacts Represent First FATCA Agreements in the Caribbean">{{cite web | url=https://www.lexis.com/research/retrieve?_m=54942bd0a2b5d61771383206e41215c0&csvc=lt&cform=byCitation&_fmtstr=FULL&docnum=1&_startdoc=1&wchp=dGLzVzt-zSkAb&_md5=adcab8e0fd1241439c7689a186ca20da | title=Bilateral Pacts Represent First FATCA Agreements in the Caribbean | publisher=Tax Analysts | date=November 29, 2013 | accessdate=December 3, 2013}}</ref> || {{dts|November 29, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{CHL}} || 2 || {{dts|March 5, 2014}} || ||
| {{CHL}} || 2 || {{dts|March 5, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{CRI}} || 1A<ref name="Bilateral Pacts Represent First FATCA Agreements in the Caribbean"/> || {{dts|November 26, 2013}} || ||
| {{CRI}} || 1A<ref name="Bilateral Pacts Represent First FATCA Agreements in the Caribbean"/> || {{dts|November 26, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{DNK}} || 1 || {{dts|November 19, 2012}} || ||Implementation law L67 passed 20 December 2013.<ref>http://www.ft.dk/samling/20131/lovforslag/l67/beh1/forhandling.htm?startItem=20</ref> Draft implementation regulation published, hearing ends 8 May 2014.<ref>http://hoeringsportalen.dk/Hearing/Details/28692</ref> Due diligence deadlines 30 June 2015 and 30 June 2016 <ref>http://www.pwc.dk/da/nyt/skat/selskabsskat/fatca-dansk-lov.jhtml</ref>
| {{DNK}} || 1 || {{dts|November 19, 2012}} || {{dts|July 1, 2014}} ||Implementation law L67 passed 20 December 2013.<ref>http://www.ft.dk/samling/20131/lovforslag/l67/beh1/forhandling.htm?startItem=20</ref> Draft implementation regulation published, hearing ends 8 May 2014.<ref>http://hoeringsportalen.dk/Hearing/Details/28692</ref> Due diligence deadlines 30 June 2015 and 30 June 2016 <ref>http://www.pwc.dk/da/nyt/skat/selskabsskat/fatca-dansk-lov.jhtml</ref>
|-
|-
| {{EST}} || 1 || {{dts|April 11, 2014}} || ||
| {{EST}} || 1 || {{dts|April 11, 2014}} || {{dts|July 1, 2014}} ||
|-
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| {{FIN}} || 1 || {{dts|March 5, 2014}} || ||
| {{FIN}} || 1 || {{dts|March 5, 2014}} || {{dts|July 1, 2014}} ||
|-
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| {{FRA}} || 1 || {{dts|November 14, 2013}} || ||
| {{FRA}} || 1 || {{dts|November 14, 2013}} || {{dts|July 1, 2014}} ||
|-
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| {{DEU}} || 1 || {{dts|May 31, 2013}} || ||
| {{DEU}} || 1 || {{dts|May 31, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{GIB}} || 1 || {{dts|May 8, 2014}} || ||
| {{GIB}} || 1 || {{dts|May 8, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{GGY}} || 1<ref name="2013 TNT 243-23 GUERNSEY ANNOUNCES SIGNING OF FATCA INTERGOVERNMENTAL AGREEMENT WITH U.S..">{{cite web | title=2013 TNT 243-23 GUERNSEY ANNOUNCES SIGNING OF FATCA INTERGOVERNMENTAL AGREEMENT WITH U.S.. | publisher=Tax Analysts | date=December 18, 2013 | accessdate=December 18, 2013}}</ref> || {{dts|December 13, 2013}} || || Draft implementation regulation published<ref name=CD/>
| {{GGY}} || 1<ref name="2013 TNT 243-23 GUERNSEY ANNOUNCES SIGNING OF FATCA INTERGOVERNMENTAL AGREEMENT WITH U.S..">{{cite web | title=2013 TNT 243-23 GUERNSEY ANNOUNCES SIGNING OF FATCA INTERGOVERNMENTAL AGREEMENT WITH U.S.. | publisher=Tax Analysts | date=December 18, 2013 | accessdate=December 18, 2013}}</ref> || {{dts|December 13, 2013}} || {{dts|July 1, 2014}} || Draft implementation regulation published<ref name=CD/>
|-
|-
| {{HND}} || 1 || {{dts|March 31, 2014}} || ||
| {{HND}} || 1 || {{dts|March 31, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{HUN}} || 1 || {{dts|February 4, 2014}} || ||
| {{HUN}} || 1 || {{dts|February 4, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{IRL}} || 1 || {{dts|January 23, 2013}} || ||
| {{IRL}} || 1 || {{dts|January 23, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{IMN}} || 1 || {{dts|December 13, 2013}} || || Draft implementation regulation published<ref name=CD/>
| {{IMN}} || 1 || {{dts|December 13, 2013}} || {{dts|July 1, 2014}} || Draft implementation regulation published<ref name=CD/>
|-
|-
| {{ISR}} || 1 || {{dts|June 30, 2014}} || ||
| {{ISR}} || 1 || {{dts|June 30, 2014}} || {{dts|July 1, 2014}} ||
|-
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| {{ITA}} || 1 || {{dts|January 10, 2014}} || ||
| {{ITA}} || 1 || {{dts|January 10, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{JAM}} || 1 || {{dts|May 1, 2014}} || ||
| {{JAM}} || 1 || {{dts|May 1, 2014}} || {{dts|July 1, 2014}} ||
|-
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| {{JPN}} || 2 || {{dts|June 11, 2013}} || ||
| {{JPN}} || 2 || {{dts|June 11, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{JEY}} || 1 || {{dts|December 13, 2013}} || || Draft implementation regulation published<ref name=CD>{{cite web|url=http://www.whereyoucan.com/ibweb/res/pdf//Draft%20guidance%20notes%2031.01.2014.pdf|title=TAXATION (International Tax Compliance) (Crown Dependency [CD]) Regulations 2014, Guidance notes|date=January 31, 2014|accessdate=March 6, 2014}}</ref>
| {{JEY}} || 1 || {{dts|December 13, 2013}} || {{dts|July 1, 2014}} || Draft implementation regulation published<ref name=CD>{{cite web|url=http://www.whereyoucan.com/ibweb/res/pdf//Draft%20guidance%20notes%2031.01.2014.pdf|title=TAXATION (International Tax Compliance) (Crown Dependency [CD]) Regulations 2014, Guidance notes|date=January 31, 2014|accessdate=March 6, 2014}}</ref>
|-
|-
| {{LVA}} || 1 || {{dts|June 27, 2014}} || ||
| {{LVA}} || 1 || {{dts|June 27, 2014}} || {{dts|July 1, 2014}} ||
|-
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| {{LIE}} || 1 || {{dts|May 19, 2014}} || ||
| {{LIE}} || 1 || {{dts|May 19, 2014}} || {{dts|July 1, 2014}} ||
|-
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| {{LUX}} || 1 || {{dts|March 28, 2014}} || ||
| {{LUX}} || 1 || {{dts|March 28, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{MLT}} || 1A<ref name="2013 TNT 243-24 MALTA ANNOUNCES SIGNING OF FATCA AGREEMENT WITH U.S.. ">{{cite web | title=2013 TNT 243-24 MALTA ANNOUNCES SIGNING OF FATCA AGREEMENT WITH U.S.. | publisher=Tax Analysts | date=December 18, 2013 | accessdate=December 18, 2013}}</ref> || {{dts|December 16, 2013}} || ||
| {{MLT}} || 1A<ref name="2013 TNT 243-24 MALTA ANNOUNCES SIGNING OF FATCA AGREEMENT WITH U.S.. ">{{cite web | title=2013 TNT 243-24 MALTA ANNOUNCES SIGNING OF FATCA AGREEMENT WITH U.S.. | publisher=Tax Analysts | date=December 18, 2013 | accessdate=December 18, 2013}}</ref> || {{dts|December 16, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{MUS}} || 1 || {{dts|December 27, 2013}} || ||
| {{MUS}} || 1 || {{dts|December 27, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{MEX}} || 1 || {{dts|November 19, 2012}} || {{dts|January 1, 2013}}<ref name=MX>[http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-11-19-2012.pdf U.S.-Mexico FATCA agreement] Article 10(1) "The Agreement shall enter into force on January 1st, 2013 and shall continue in force until terminated."</ref> || Replaced by revised treaty on April 9, 2014 with no break in enforcement.<ref>[http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-4-17-2014.pdf 2nd U.S.-Mexico FATCA agreement] Article 10(1)</ref>
| {{MEX}} || 1 || {{dts|November 19, 2012}} || {{dts|January 1, 2013}}<ref name=MX>[http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-11-19-2012.pdf U.S.-Mexico FATCA agreement] Article 10(1) "The Agreement shall enter into force on January 1st, 2013 and shall continue in force until terminated."</ref> || Replaced by revised treaty on April 9, 2014 with no break in enforcement.<ref>[http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Mexico-4-17-2014.pdf 2nd U.S.-Mexico FATCA agreement] Article 10(1)</ref>
|-
|-
| {{NLD}} || 1A{{citation needed|date=June 2014}} || {{dts|December 18, 2013}} || || Advice of [[Council of State]] obtained<ref>{{cite web|url=http://www.raadvanstate.nl/adviezen/actuele-adviezen/vastgestelde-adviezen/tekst.html?id=685|title=Vastgestelde adviezen week 23|work=Raad van State|accessdate=March 21, 2014}}</ref>
| {{NLD}} || 1A{{citation needed|date=June 2014}} || {{dts|December 18, 2013}} || {{dts|July 1, 2014}} || Advice of [[Council of State]] obtained<ref>{{cite web|url=http://www.raadvanstate.nl/adviezen/actuele-adviezen/vastgestelde-adviezen/tekst.html?id=685|title=Vastgestelde adviezen week 23|work=Raad van State|accessdate=March 21, 2014}}</ref>
|-
|-
| {{NZL}} || 1 || {{dts|June 12, 2014}} || ||
| {{NZL}} || 1 || {{dts|June 12, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{NOR}} || 1 || {{dts|April 15, 2013}} || ||
| {{NOR}} || 1 || {{dts|April 15, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{SVN}} || 1 || {{dts|June 2, 2014}} || ||
| {{SVN}} || 1 || {{dts|June 2, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{ZAF}} || 1 || {{dts|June 9, 2014}} || ||
| {{ZAF}} || 1 || {{dts|June 9, 2014}} || {{dts|July 1, 2014}} ||
|-
|-
| {{ESP}} || 1 || {{dts|May 14, 2013}} || ||
| {{ESP}} || 1 || {{dts|May 14, 2013}} || {{dts|July 1, 2014}} ||
|-
|-
| {{CHE}} || 2 || {{dts|February 14, 2013}} || || Parliamentary approval obtained;<ref>{{cite web|url=http://www.eda.admin.ch/eda/de/home/topics/intla/intrea/dbstv/data44/e_99994344.html|language=German|accessdate=March 7, 2014|title=Internationales Abkommen, Agreement between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA}}</ref> insufficient supporters for a referendum<ref>{{cite web | title= Entry into force of FATCA agreement between Switzerland and United States was delayed by six months | date= September 30, 2013 | url= http://www.admin.ch/aktuell/00089/index.html?lang=en&msg-id=50414}}.</ref>
| {{CHE}} || 2 || {{dts|February 14, 2013}} || {{dts|July 1, 2014}} || Parliamentary approval obtained;<ref>{{cite web|url=http://www.eda.admin.ch/eda/de/home/topics/intla/intrea/dbstv/data44/e_99994344.html|language=German|accessdate=March 7, 2014|title=Internationales Abkommen, Agreement between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA}}</ref> insufficient supporters for a referendum<ref>{{cite web | title= Entry into force of FATCA agreement between Switzerland and United States was delayed by six months | date= September 30, 2013 | url= http://www.admin.ch/aktuell/00089/index.html?lang=en&msg-id=50414}}.</ref>
|-
|-
| {{GBR}} || 1 || {{dts|September 12, 2012}} || || Presented to parliament in September 2012<ref>{{cite web|url=https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/236016/8445.pdf|title=Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA|accessdate=March 5, 2014|work=The Stationery Office}}</ref>{{efn|name=Uk|In the UK, formal approval of treaties before ratification is not requirement, although according to the [[Ponsonby Rule]], they need to be laid before Parliament with an explanatory memorandum, which the government did in September 2012}}
| {{GBR}} || 1 || {{dts|September 12, 2012}} || {{dts|July 1, 2014}} || Presented to parliament in September 2012<ref>{{cite web|url=https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/236016/8445.pdf|title=Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA|accessdate=March 5, 2014|work=The Stationery Office}}</ref>{{efn|name=Uk|In the UK, formal approval of treaties before ratification is not requirement, although according to the [[Ponsonby Rule]], they need to be laid before Parliament with an explanatory memorandum, which the government did in September 2012}}
|}
|}
{{notelist|close}}
{{notelist|close}}


An additional 60 jurisdictions have also reached "agreements in substance":<ref name="treasury.gov"/>
An additional 62 jurisdictions have also reached "agreements in substance":<ref name="treasury.gov"/>
{|
{|
|- style="width:30%; vertical-align:top;"
|- style="width:30%; vertical-align:top;"
|'''Model 1'''
|'''Model 1'''
* {{DZA}}
* {{DZA}}
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* {{AIA}}
* {{ATG}}
* {{ATG}}
* {{AZE}}
* {{AZE}}
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* {{BGR}}
* {{BGR}}
* {{CPV}}
* {{CPV}}
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|'''Model 1'''
|'''Model 1'''
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* {{COL}}
* {{COL}}
* {{HRV}}
* {{HRV}}
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* {{GRL}}
* {{GRL}}
* {{GRD}}
* {{GRD}}
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* {{GUY}}
|'''Model 1'''
|'''Model 1'''
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* {{GUY}}
* {{HTI}}
* {{HTI}}
* {{IND}}
* {{IND}}
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* {{PAN}}
* {{PAN}}
* {{PER}}
* {{PER}}
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* {{POL}}
|'''Model 1'''
|'''Model 1'''
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* {{POL}}
* {{PRT}}
* {{PRT}}
* {{QAT}}
* {{QAT}}
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* {{SYC}}
* {{SYC}}
* {{SGP}}
* {{SGP}}
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* {{SVK}}
|'''Model 1'''
|'''Model 1'''
* {{SVK}}
* {{KOR}}
* {{KOR}}
* {{SWE}}
* {{SWE}}
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* {{UKR}}
* {{UKR}}
* {{ARE}}
* {{ARE}}
* {{UZB}}
|'''Model 2'''
|'''Model 2'''
* {{ARM}}
* {{ARM}}

Revision as of 00:35, 8 July 2014

Template:Distinguish2

Foreign Account Tax Compliance Act
Great Seal of the United States
Acronyms (colloquial)FATCA
Enacted bythe 111th United States Congress
EffectiveMarch 18, 2010 (26 USC § 6038D); December 31, 2012 (26 USC §§ 1471-1474)
Citations
Public law111-147
Statutes at Large124 Stat. 97-117
Codification
Titles amended26
U.S.C. sections created26 USC §§ 1471-1474, 26 USC § 6038D
U.S.C. sections amended26 USC §§ 163, 643, 679, 871, 1291, 1298, 4701, 6011, 6501, 6662, 6677
Legislative history
  • Introduced in the House and Senate as Foreign Account Tax Compliance Act of 2009 (S. 1934, H.R. 3933) by Max Baucus (D–Montana); Charles Rangel (D–NY-13) on October 27, 2009
  • Committee consideration by Senate Finance, House Ways and Means
  • Passed the Senate on February 24, 2010 (70-28)
  • Passed the House as the Hiring Incentives to Restore Employment Act, Title V, Subtitle A on March 4, 2010 (217-201) with amendment
  • Senate agreed to House amendment on March 17, 2010 (68-29)
  • Signed into law by President Barack Obama on March 18, 2010

The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires United States persons, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations, and thus to recoup federal tax revenues.[1] The FATCA is a portion of the 2010 Hiring Incentives to Restore Employment (HIRE) Act.[2][3]

Background

FATCA is designed to increase compliance by U.S. taxpayers rather than to enforce collection from foreigners. FATCA requires foreign financial institutions to report information related to the ownership by U.S. persons of assets held overseas.[4] Unlike all other developed countries, the United States levies income taxes on its citizens, regardless of residency, and therefore requires Americans living abroad to pay U.S. taxes on foreign income.[5][6] Under U.S. tax law, U.S. persons are generally required to report and pay taxes on income from all sources.[7] The term U.S. persons, in this case, includes U.S. citizens and U.S. permanent residents regardless of where they reside.[8] Taxpayer identification numbers and source withholding are used to enforce foreign tax compliance. For example, mandatory withholding is often required when a U.S. payor cannot confirm the U.S. status of a foreign payee.[9]

The IRS previously instituted a Qualified Intermediary (QI) program under Internal Revenue Code § 1441,[10] which required participating foreign financial institutions to maintain records of the U.S. or foreign status of their account holders and to report income and withhold taxes.[11] One report found that participation in the QI program was too low to have a substantive impact as an enforcement measure and was prone to abuse.[12] An illustration of the weakness in the QI program was that UBS, a Swiss bank, had registered as a QI with the IRS in 2001 and was later forced to settle with the U.S. Government for $780 million in 2009 over claims that it fraudulently concealed information on its American account holders.[12] Self-reporting of foreign financial assets was also found to be relatively ineffective.[13]

It has been estimated that the U.S. Treasury loses as much as $100 billion annually to offshore tax non-compliance.[3] Therefore, supplementing the reporting regimes already in place was deemed to be an effective means of increasing compliance and raising government revenue.[14] After committee deliberation, Sen. Max Baucus and Rep. Charles Rangel introduced the Foreign Account Tax Compliance Act of 2009 to Congress on October 27, 2009. It was later added to an appropriations bill as an amendment, sponsored by Sen. Harry Reid, which also renamed the bill the HIRE Act.[15] The bill was signed into law on March 18, 2010.

Provisions

FATCA has three main provisions:

  • It requires foreign financial institutions, such as banks, to enter into an agreement with the IRS to identify their U.S. person account holders and to disclose the account holders' names, TINs, addresses, and the transactions of most types of accounts.[16] Some types of accounts, notably retirement savings and other tax-favored products, may be excluded from reporting on a country by country basis. U.S. payors making payments to non-compliant foreign financial institutions are required to withhold 30% of the gross payments.[17][18] Foreign financial institutions which are themselves the beneficial owners of such payments are not permitted a credit or refund on withheld taxes absent a treaty override.[19]
  • U.S. persons owning these foreign accounts or other specified financial assets must report them on a new Form 8938 which is filed with the person's U.S. tax returns if the accounts are generally worth more than US$50,000;[20] a higher reporting threshold applies to US persons who are overseas residents and others.[21][22] Account holders would be subject to a 40% penalty on understatements of income in an undisclosed foreign financial asset.[18][23] Understatements of greater than 25% of gross income are subject to an extended statute of limitations period of 6 years.[24] It also requires taxpayers to report financial assets that are not held in a custodial account, i.e. physical stock or bond certificates.
  • It closes a tax loophole that foreign investors had used to avoid paying taxes on U.S. dividends by converting them into "dividend equivalents" through the use of swap contracts.[25][26]

These reporting requirements are in addition to the requirement for reporting of foreign financial accounts to the U.S. Treasury;[27] this most notably includes Form TD F 90-22.1 "Report of Foreign Bank and Financial Accounts" (FBAR) for foreign financial accounts exceeding US$10,000 required under Bank Secrecy Act regulations issued by the Financial Crimes Enforcement Network (FinCEN).[28]

Controversy

Certain aspects of FATCA have been a source of controversy in the financial and general press.[29] The controversy primarily relates to several central issues:

  • Cost. Although numbers are still somewhat speculative, estimates of the additional revenue raised seem to be heavily outweighed by the cost of implementing the legislation. The Association of Certified Financial Crime Specialists (ACFCS) claims FATCA is expected to raise revenues of approximately US$800 million per year for the U.S. Treasury; however, the costs of implementation are more difficult to estimate, and estimates between hundreds of millions and over US$10 billion have been published.[30] ACFCS also claims it is extremely likely that the cost of implementing FATCA (which will be borne by the foreign financial institutions) will far outweigh the revenues raised by the U.S. Treasury, even excluding the additional costs to the U.S. Internal Revenue Service for the staffing and resources needed to process the data produced.[31] Unusually, FATCA was not subject to a cost/benefit analysis by the Committee on Ways and Means.
  • Capital flight. The primary mechanism for enforcing the compliance of foreign financial institutions is a punitive withholding levy on US assets. This may create a strong incentive for foreign financial institutions to divest (or not invest) in U.S. assets, resulting in capital flight.[32]
  • Foreign relations. Forcing foreign financial institutions and foreign governments to collect data on U.S. citizens at their own expense and transmit it to the IRS has been called divisive. Canada's former Finance Minister Jim Flaherty raised an issue with this "far reaching and extraterritorial implications" which would require Canadian banks to become extensions of the IRS and would jeopardize Canadians' privacy rights.[33] There are also reports of many foreign banks refusing to open accounts for Americans, making it harder for Americans to live and work abroad.[34]
  • Extraterritoriality. The legislation enables U.S. authorities to impose regulatory costs, and potentially penalties, on foreign financial institutions who otherwise have few if any dealings with the United States.[35] The U.S. has sought to ameliorate that criticism by offering reciprocity to potential countries who sign Intergovernmental Agreements, but the idea of the US Government providing information on its citizens to foreign governments has also proved controversial.[36] The law's interference in the relationship between individual Americans or dual nationals and non-American banks led Georges Ugeux to term it "bullying and selfish."[37]
  • Citizenship renunciations. Time magazine has reported a sevenfold increase in Americans renouncing U.S. citizenship between 2008 and 2011, and has attributed this at least in part to FATCA.[38] According to the The New American a record number of Americans have given up U.S. citizenship in 2012 "amid IRS Abuse" and "facing an increasingly out-of-control federal government in Washington, D.C" .[39] According to BBC Magazine, the act is one of the reasons for a surge of Americans renouncing their citizenship—a rise from 189 people in Q2/2012 to 1,131 in Q2/2013.[40] Another surge in renunciations in 2013 to record levels has been reported in the news media, with FATCA cited as a factor in the decision of many of the renunciants.[41][42]
  • American citizens living abroad. According to CBC.ca many Americans living abroad may face large fines as a result of this legislation. According to the story, a forty-year old developmentally disabled man and a Canadian man married to an American will become some of the victims of this law.[43] According to Time magazine American citizens living abroad are unable to open foreign bank accounts .[44]
  • IRS not ready. According to The New York Times it is unclear whether the IRS is ready to handle millions of new complicated filings per year.[27] On May 2, 2014, the IRS issued Notice 2014-33 providing that 2014 and 2015 will be regarded as a transition period for purposes of enforcement and administration relating to entity but not individual investors. [45]
  • Effect on "accidental Americans". The reporting requirements, including penalties, apply to all U.S. citizens, including those who are unaware that they have U.S. citizenship. Since the U.S. considers all persons born in the U.S., and most foreign-born persons with American parents, to be citizens, FATCA affects a large number of foreign residents who are unaware that the U.S. considers them citizens.
  • Complexity. Doubts have been expressed as to workability of FATCA due to its complexity,[46] and the legislative timetable for implementation has already been pushed back twice.[47]

Opposition

On January 24, 2014, the Republican National Committee passed a resolution calling for the repeal of FATCA.[48]

American Citizens Abroad, Inc., (ACA) a not-for-profit organization representing the interests of six million Americans residing outside the United States, asserts that the very basis of FATCA legislation is the real problem: citizenship-based taxation (CBT). ACA calls for the U.S. to institute residence-based taxation (RBT) like other developed countries.

Costs

There are wildly varying estimates of the likely cost of implementing the legislation. FATCA is expected to produce approximately $8.7 billion in additional tax revenue over 10 years, which is small relative to the estimated $40 billion per year cost of international tax evasion.[49]: 36  The United States Congress Joint Committee on Taxation estimated that the FATCA bill would raise $792 million of additional taxes a year in the next ten years.[50]

Estimate of the costs to the private sector, the IRS and foreign revenue authorities are less precise. Compliance cost to financial institutions alone has been roughly estimated at US$8 billion a year,[51] approximately ten times the amount of estimated revenue raised. The United Kingdom government has estimated that the cost to British businesses alone will be £1.1 billion to £2 billion for the first five years (approximately two thirds of the estimate total additional global tax revenue expected).[52] According to the Financial Post, the Scotia Bank in Canada has already spent almost $100 million.[53][54] There are few reliable estimates for the additional cost burden to the IRS, although it seems certain that the majority of the cost seems likely to fall on the relevant financial institutions and (to a lesser degree) foreign tax authorities who have signed intergovernmental agreements.

Implementation

Domestic

FATCA added 26 U.S.C. § 6038D (section 6038D of the Internal Revenue Code) which requires the reporting of any interest in foreign financial assets over $50,000 after March 18, 2010. FATCA also added 26 U.S.C. §§ 1471–1474 requiring U.S. payors to withhold taxes on payments to foreign financial institutions (FFI) and nonfinancial foreign entities (NFFE) that have not agreed to provide the IRS with information on U.S. accounts. FATCA also added 26 U.S.C. § 1298(f) requiring shareholders of a passive foreign investment company (PFIC) to report certain information.

The IRS issued temporary and proposed regulations on December 14, 2011 for reporting foreign financial assets, requiring the filing of Form 8938 with income tax returns.[55][56] The U.S. Treasury Department issued final regulations and guidance on reporting interest paid to nonresident aliens on April 16, 2012.[57] Treasury and the IRS issued proposed regulations regarding information reporting by, and withholding of payments to, foreign financial institutions on February 8, 2012,[58][59][60] and final regulations on January 17, 2013.[61][62] On December 31, 2013 the IRS published temporary and proposed regulations on annual filing requirements for shareholders of PFICs.[63] On February 20, 2014 the IRS issued temporary and proposed regulations making additions and clarifications to previously issued regulations and providing guidance to coordinate FATCA rules with preexisting requirements.[64][65]

On April 2, 2014, Treasury and the IRS extended from April 25, 2014 to May 5, 2014 the deadline by which an FFI must register with the IRS in order to appear on the initial public list of "Global Intermediary Identification Numbers" (GIINs) maintained by the IRS, also known as the "FFI List."[66][67] In June 2014, the IRS began publishing a monthly online list of registered FFIs, intended to allow withholding agents to verify the GIINs of their payees in order to establish that withholding is not required on payments to those payees.[68]

International implementation

Implementation of FATCA may involve legal hurdles; it may be illegal in foreign jurisdictions for financial institutions to disclose the required account information.[69] The US has therefore introduced intergovernmental agreements aimed at removing those hurdles to countries active in third countries. However, there is a controversy about the appropriateness of intergovernmental agreements (IGAs) to solve any of these problems.[70] [71]

France, Germany, Italy, Spain, and the United Kingdom announced in 2012 they consented to cooperate with the U.S. on FATCA implementation,[72][73] as did Switzerland, Japan [74] and South Africa.

The deputy director general of legal affairs of the People's Bank of China, the central bank of the People's Republic of China, Liu Xiangmin said "China's banking and tax laws and regulations do not allow Chinese financial institutions to comply with FATCA directly."[75] The US Treasury Department suspended negotiations with Russia in March 2014.[76] Russia, while not ruling out an agreement, requires full reciprocity and abandonment of US extraterritoriality before signing an IGA.[77][78]

A 2014 Swiss referendum against the act did not come to fruition.[79]

Intergovernmental agreements

  United States
Countries with agreements (or agreements in substance) regarding FATCA implementation
  States with a Type 1 Agreement
  States with a Type 2 Agreement
  States with agreement in substance on a Type 1 Agreement
  States with agreement in substance on a Type 2 Agreement

The United States Department of the Treasury has published model IGAs which follow two approaches. Under Model 1, financial institutions in the partner country report information about U.S. accounts to the tax authority of the partner country. That tax authority then provides the information to the United States. Model 1 comes in a reciprocal version (Model 1A), under which the United States will also share information about the partner country's taxpayers with the partner country, and a nonreciprocal version (Model 1B). Under Model 2, partner country financial institutions report directly the U.S. Internal Revenue Service, and the partner country agrees to lower any legal barriers to that reporting.[80] Model 2 is available in two versions: 2A with no Tax Information Exchange Agreement (TIEA) or Double Tax Convention (DTC) required, and 2B for countries with a pre-existing TIEA or DTC. The agreements generally require parliamentary approval in the countries they are concluded with, but not the United States.

In April 2014, the U.S. Treasury Department and IRS announced that any jurisdictions that reach "agreements in substance" and consent to their compliance statuses being published by the July 1, 2014 deadline would be treated as having an IGA in effect through the end of 2014, ensuring no penalties would be incurred during that time while giving more jurisdictions an opportunity to finalize formal IGAs.[80][66]

With Canada's agreement in February 2014, all G7 countries have signed intergovernmental agreements. As of 1 July 2014, the following jurisdictions have concluded intergovernmental agreements with the United States regarding the implementation of FATCA.[80]

Intergovernmental agreements
Jurisdiction Type Signature Entry into force Approval process
partner state
 Australia 1 April 28, 2014 July 1, 2014
 Austria 2 April 29, 2014 July 1, 2014
 Belgium 1 April 23, 2014 July 1, 2014
 Bermuda 2 December 19, 2013 July 1, 2014
 British Virgin Islands 1 June 30, 2014 July 1, 2014
 Canada 1 February 5, 2014 July 1, 2014 Implementation act published[81]
 Cayman Islands 1B[82] November 29, 2013 July 1, 2014
 Chile 2 March 5, 2014 July 1, 2014
 Costa Rica 1A[82] November 26, 2013 July 1, 2014
 Denmark 1 November 19, 2012 July 1, 2014 Implementation law L67 passed 20 December 2013.[83] Draft implementation regulation published, hearing ends 8 May 2014.[84] Due diligence deadlines 30 June 2015 and 30 June 2016 [85]
 Estonia 1 April 11, 2014 July 1, 2014
 Finland 1 March 5, 2014 July 1, 2014
 France 1 November 14, 2013 July 1, 2014
 Germany 1 May 31, 2013 July 1, 2014
 Gibraltar 1 May 8, 2014 July 1, 2014
 Guernsey 1[86] December 13, 2013 July 1, 2014 Draft implementation regulation published[87]
 Honduras 1 March 31, 2014 July 1, 2014
 Hungary 1 February 4, 2014 July 1, 2014
 Ireland 1 January 23, 2013 July 1, 2014
 Isle of Man 1 December 13, 2013 July 1, 2014 Draft implementation regulation published[87]
 Israel 1 June 30, 2014 July 1, 2014
 Italy 1 January 10, 2014 July 1, 2014
 Jamaica 1 May 1, 2014 July 1, 2014
 Japan 2 June 11, 2013 July 1, 2014
 Jersey 1 December 13, 2013 July 1, 2014 Draft implementation regulation published[87]
 Latvia 1 June 27, 2014 July 1, 2014
 Liechtenstein 1 May 19, 2014 July 1, 2014
 Luxembourg 1 March 28, 2014 July 1, 2014
 Malta 1A[88] December 16, 2013 July 1, 2014
 Mauritius 1 December 27, 2013 July 1, 2014
 Mexico 1 November 19, 2012 January 1, 2013[89] Replaced by revised treaty on April 9, 2014 with no break in enforcement.[90]
 Netherlands 1A[citation needed] December 18, 2013 July 1, 2014 Advice of Council of State obtained[91]
 New Zealand 1 June 12, 2014 July 1, 2014
 Norway 1 April 15, 2013 July 1, 2014
 Slovenia 1 June 2, 2014 July 1, 2014
 South Africa 1 June 9, 2014 July 1, 2014
 Spain 1 May 14, 2013 July 1, 2014
 Switzerland 2 February 14, 2013 July 1, 2014 Parliamentary approval obtained;[92] insufficient supporters for a referendum[93]
 United Kingdom 1 September 12, 2012 July 1, 2014 Presented to parliament in September 2012[94][a]
  1. ^ In the UK, formal approval of treaties before ratification is not requirement, although according to the Ponsonby Rule, they need to be laid before Parliament with an explanatory memorandum, which the government did in September 2012

An additional 62 jurisdictions have also reached "agreements in substance":[80]

Model 1 Model 1 Model 1 Model 1 Model 1 Model 2

Related international regulations

In 2014 the OECD introduced its Common Reporting Standard proposed for the automatic exchange of information (AEOI) through its Global Forum on Transparency and Exchange of Information for Tax Purposes. The G-20 gave a mandate for this standard, and its relation to FATCA is mentioned on page 5 of the OECD's report.[95] Critics immediately dubbed it "GATCA" for Global FATCA.

See also

References

Notes

  1. ^ Crassweller, Kary (March 22, 2013). "What You Need to Know About Foreign Account Tax Compliance Act's (FATCA) Impact on Non-U.S. Retirement Plans". The National Law Review. ISSN 2161-3362. Retrieved March 19, 2014. {{cite journal}}: Unknown parameter |coauthors= ignored (|author= suggested) (help)
  2. ^ "The Foreign Account Tax Compliance Act (FATCA)" (PDF). DLA Piper.
  3. ^ a b 111 Cong. Rec. S1635-36 (daily ed. Mar 17, 2010) (statement of Sen. Levin) ("Right now, thousands of U.S. tax dodgers conceal billions of dollars in assets within secrecy-shrouded foreign banks, dodging taxes and penalizing those of us who pay the taxes we owe. The Permanent Subcommittee on Investigations... estimated that these tax-dodging schemes cost the Federal Treasury $100 billion a year.")
  4. ^ Bogaard, Jonathan H.; Michael E. Draz; Vedder Price (March 14, 2013). "What...The FATCA (Foreign Account Tax Compliance Act)?". The National Law Review. ISSN 2161-3362. Retrieved March 19, 2014.
  5. ^ Fitz-Morris, James (November 25, 2013). "Canadian banks to be compelled to share clients' info with U.S." CBC News.
  6. ^ Harvey, J. Richard (February 2014). "Worldwide Taxation of U. S. Citizens Living Abroad: Impact of FATCA and Two Proposals" (PDF). George Mason Journal of International Commercial Law. 4 (3): 319–357.
  7. ^ e.g., 26 U.S.C. § 61, § 6012
  8. ^ International taxation#Residency
  9. ^ See 26 U.S.C. § 1441.
  10. ^ 26 U.S.C. § 1441
  11. ^ U.S. Government Accountability Office (GAO), Offshore Financial Activity Creates Enforcement Issues for IRS: Testimony Before the Committee on Finance, U.S. Senate, March 17, 2009 (statement of Michael Brostek, Director, Strategic Issues Team) at 10, [hereinafter "GAO Report"]
  12. ^ a b GAO Report at 10-11
  13. ^ GAO Report at 5 (referring to the FBAR filing requirement)
  14. ^ 111 Cong. Rec. S10,778 (statement of Sen. Max Baucus) ("This bill [S. 1934] would improve tax compliance without raising taxes on anyone. These are taxes that are already legally owed.")
  15. ^ 111 Cong., S.A. 3310
  16. ^ 26 U.S.C. § 1471(c)(1)
  17. ^ 26 U.S.C. § 1471
  18. ^ a b Bell, Kay (March 23, 2010). "Jobs bill includes tax changes". MSNBC.
  19. ^ 26 U.S.C. § 1474(b)(2)
  20. ^ 26 U.S.C. § 6038D(a)
  21. ^ e.g., 26 CFR 1.6038D-2T(a)
  22. ^ Internal Revenue Service (January 15, 2013). "Do I need to file Form 8938, 'Statement of Specified Foreign Financial Assets'?".
  23. ^ 26 U.S.C. § 6662(j)(3)
  24. ^ 26 U.S.C. § 6501(e)(1); the limitations period was presumably extended because it was determined that international audit cases can take an additional 500 days to fully investigate. GAO Report at 1.
  25. ^ 26 U.S.C. § 871(m); dividends such as those paid by a U.S. corporation are U.S. source and therefore subject to the 30% withholding tax for foreign payees. 26 U.S.C. § 871(1)(A), § 861(a)(2). The loophole was based on reclassifying the payment as income derived from the residence of the foreign payee and therefore exempting the payment from U.S. taxation.
  26. ^ Morgenson, Gretchen (March 26, 2010). "Death of a Loophole, and Swiss Banks Will Mourn". The New York Times.
  27. ^ a b Jolly, David; Knowlton, Brian (December 26, 2011). "Law to Find Tax Evaders Denounced". The New York Times.
  28. ^ 31 CFR 1010
  29. ^ "How to Lose Friends, Citizens and Influence". The Wall Street Journal. July 17, 2013. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  30. ^ "Adding Up the Costs of Complying with FATCA". Financial Transparency Coalition. September 28, 2011.
  31. ^ "FATCA may identify tax cheats, but its dragnet for financial criminals may produce an even bigger yield". Association of Certified Financial Crime Specialists. March 1, 2012.
  32. ^ "Scratched by the FATCA". The Economist. November 26, 2011. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  33. ^ "Why FATCA is Bad for America and Why it Should be Repealed". ACA Reports series. American Citizens Abroad. July 19, 2012. Archived from the original on June 1, 2013.
  34. ^ USA Today (September 27, 2012). "European banks shut Americans out over U.S. tax rules".Yan, Sophia (September 15, 2013). "Banks lock out Americans over new tax law". CNN.
  35. ^ "Facing up to FATCA". Deloitte. Fall 2011.
  36. ^ Posey, Bill (July 1, 2013). "Letter to Secretary of Treasury" (PDF). repealfatca.com.
  37. ^ Browning, Lynnley (September 16, 2013). "Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks". The New York Times.
  38. ^ "Mister Taxman: Why Some Americans Working Abroad Are Ditching Their Citizenships". Time magazine. January 31, 2013. {{cite news}}: Italic or bold markup not allowed in: |publisher= (help)
  39. ^ Newman, Alex (December 9, 2013). "Amid IRS Abuse, Record Number of Americans Give Up U.S. Citizenship". The New American. Retrieved February 20, 2014.
  40. ^ "Why are Americans giving up their citizenship?". BBC Magazine. Sep 26, 2012. Retrieved Oct 2013. {{cite news}}: Check date values in: |accessdate= (help); Italic or bold markup not allowed in: |publisher= (help)
  41. ^ Saunders, Laura (August 17, 2013). "Overseas Americans: Time to Say 'Bye' to Uncle Sam?". The Wall Street Journal.
  42. ^ "Americans renouncing citizenship in record numbers, seek to avoid tax". The Wall Street Journal. Fox News. August 12, 2013. Retrieved February 20, 2014.
  43. ^ Hildebrandt, Amber (January 13, 2014). "U.S. FATCA tax law catches unsuspecting Canadians in its crosshairs". CBC News.
  44. ^ Bachmann, Helena (January 31, 2013). "Mister Taxman: Why Some Americans Working Abroad Are Ditching Their Citizenships". Time. Retrieved February 20, 2014.
  45. ^ Loewy, Robert (May 9, 2014). "Foreign Account Tax Compliance Act (FATCA) Transitional Relief and Extension of Time for the Implementation of New Account Procedures for Entity Investors". The National Law Review. Katten Muchin Rosenman LLP. Retrieved June 15, 2014.
  46. ^ Wisconsin Law Review, Vol. 2013, No. 1, pp. 205-236 (April 9, 2013). "Using a Sledgehammer to Crack a Nut: Why FATCA Will Not Stand".{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  47. ^ Shapiro Tax Law LLC (July 6, 2013). "Good news: FATCA deadlines extended, and withholding delayed".
  48. ^ "Resolution to Repeal the Foreign Account Tax Compliance Act (FATCA)" (PDF). abolisfatca.com.
  49. ^ Gravelle JG. (2013). Tax Havens: International Tax Avoidance and Evasion. CRS.
  50. ^ Joint Committee on Taxation, JCS-6-10, Estimated Revenue Effects of the Revenue Provisions Contained in an Amendment to the Senate Amendment to the House Amendment to the Senate Amendment to H.R. 2847, the Hiring Incentives to Restore Employment Act. Referenced: "Why FATCA is Bad for America and Why it Should be Repealed". ACA Reports series. American Citizens Abroad. July 19, 2012. Archived from the original on June 1, 2013.
  51. ^ Wood, Robert W. (November 30, 2011). "FATCA Carries Fat Price Tag". Forbes.
  52. ^ "The cost of complying with FATCA". Lexology. June 3, 2013.
  53. ^ Greenwood, John (October 23, 2013). "Electronic spying 'a big issue' for banks, Scotia CEO Waugh says". Financial Post.
  54. ^ Swanson, Lynne (September 17, 2013). "Dual Canadian-American citizens: We are not tax cheats". Financial Post.
  55. ^ "IRS Releases Guidance on Foreign Financial Asset Reporting". Internal Revenue Service. December 14, 2011.
  56. ^ 76 FR 78553 of December 19, 2011, codified at 26 CFR 1.6038D-0T et seq. 76 FR 78594 of December 19, 2011.
  57. ^ 77 FR 23391 of April 19, 2012
  58. ^ "Treasury, IRS Issue Proposed Regulations for FATCA Implementation". Internal Revenue Service. February 8, 2012.
  59. ^ "Treasury and IRS Issue Proposed Regulations Under the Foreign Account Tax Compliance Act to Improve Offshore Tax Compliance and Reduce Burden". United States Department of the Treasury. February 8, 2012.
  60. ^ 77 FR 9022 of February 15, 2012
  61. ^ "Treasury and IRS Issue Final Regulations to Combat Offshore Tax Evasion". United States Department of the Treasury. January 17, 2013.
  62. ^ 78 FR 5874 of January 28, 2013, codified at 26 CFR 1.1471-0 et seq.
  63. ^ 78 FR 79602 of December 31, 2013, codified at 26 CFR 1.1291-0T et seq. 78 FR 79650 of December 31, 2013. 78 FR 79652 of December 31, 2013.
  64. ^ "Treasury Releases Last Substantial Rules Package to Combat Offshore Tax Evasion". United States Department of the Treasury. February 20, 2014.
  65. ^ 79 FR 12725 of March 06, 2014. 79 FR 12811 of March 06, 2014. 79 FR 12867 of March 06, 2014. 79 FR 12879 of March 06, 2014.
  66. ^ a b "Treasury to Treat Jurisdictions with FATCA Agreements in Substance as Agreements in Effect to Prepare for Start of Law". United States Department of the Treasury. April 2, 2014.
  67. ^ Jones, Scott S; Amy G Drais; Amy Blackwood; Howard J Beber; Sarah K Cherry; Daniel J Davis (April 11, 2014). "IRS Offers FATCA Relief, Extending Registration Deadline and Expanding Intergovernmental Agreement List - Internal Revenue Service, Foreign Account Tax Compliance Act". The National Law Review. Proskauer Rose LLP. Retrieved April 13, 2014.
  68. ^ "FFI List Schema and Test Files". IRS.
  69. ^ "Key Aspects of the FATCA Regime" (PDF). Shearman & Sterling LLP. May 15, 2012.
  70. ^ Christians, Allison (February 11, 2013). "The Dubious Legal Pedigree of IGAs (and Why it Matters)". Tax Notes International. 69 (6). Tax Analysts: 565. SSRN 2280508.
  71. ^ Christians, Allison (July 4, 2014). "IRS claims statutory authority for FATCA agreements where no such authority exists".
  72. ^ U.S. Treasury Department (February 8, 2012). "JOINT STATEMENT FROM THE UNITED STATES, FRANCE, GERMANY, ITALY, SPAIN AND THE UNITED KINGDOM REGARDING AN INTERGOVERNMENTAL APPROACH TO IMPROVING INTERNATIONAL TAX COMPLIANCE AND IMPLEMENTING FATCA" (PDF).
  73. ^ Coder, Jeremiah (June 28, 2012). "News Analysis: U.K. Hoping U.S. Will Make FATCA Easier to Swallow". Tax Notes Today. {{cite news}}: |access-date= requires |url= (help)
  74. ^ Cohn, Michael (June 21, 2012). "U.S. Strikes FATCA Deals with Switzerland and Japan". Accounting Today.
  75. ^ Flaherty, Michael (November 28, 2012). King, Larry (ed.). "China central bank official slams U.S. tax dodging law". Hong Kong: Reuters.
  76. ^ http://abcnews.go.com/Politics/wireStory/ap-enterprise-us-unleash-irs-russian-banks-23593797
  77. ^ "Moscow wants tax information exchanges with U.S. to be mutual, balanced". Russia Beyond the Headlines. Interfax. November 2, 2013.
  78. ^ "Комментарий Департамента информации и печати МИД России в связи с сообщениями СМИ о подготовке российско-американского соглашения об обмене налоговой информацией" (Press release) (in Russian). Russian Ministry of Foreign Affairs. November 2, 2013.
  79. ^ "Federal Council brings FATCA Act into force". June 6, 2014.
  80. ^ a b c d "U.S. Treasury FATCA Resource Center". U.S. Treasury Department.
  81. ^ "Legislative Proposals Relating To the Canada–United States Enhanced Tax Information Exchange Agreement". Department of Finance, Canada. Retrieved March 5, 2014.
  82. ^ a b "Bilateral Pacts Represent First FATCA Agreements in the Caribbean". Tax Analysts. November 29, 2013. Retrieved December 3, 2013.
  83. ^ http://www.ft.dk/samling/20131/lovforslag/l67/beh1/forhandling.htm?startItem=20
  84. ^ http://hoeringsportalen.dk/Hearing/Details/28692
  85. ^ http://www.pwc.dk/da/nyt/skat/selskabsskat/fatca-dansk-lov.jhtml
  86. ^ "2013 TNT 243-23 GUERNSEY ANNOUNCES SIGNING OF FATCA INTERGOVERNMENTAL AGREEMENT WITH U.S.". Tax Analysts. December 18, 2013. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  87. ^ a b c "TAXATION (International Tax Compliance) (Crown Dependency [CD]) Regulations 2014, Guidance notes" (PDF). January 31, 2014. Retrieved March 6, 2014.
  88. ^ "2013 TNT 243-24 MALTA ANNOUNCES SIGNING OF FATCA AGREEMENT WITH U.S.". Tax Analysts. December 18, 2013. {{cite web}}: |access-date= requires |url= (help); Missing or empty |url= (help)
  89. ^ U.S.-Mexico FATCA agreement Article 10(1) "The Agreement shall enter into force on January 1st, 2013 and shall continue in force until terminated."
  90. ^ 2nd U.S.-Mexico FATCA agreement Article 10(1)
  91. ^ "Vastgestelde adviezen week 23". Raad van State. Retrieved March 21, 2014.
  92. ^ "Internationales Abkommen, Agreement between Switzerland and the United States of America for Cooperation to Facilitate the Implementation of FATCA" (in German). Retrieved March 7, 2014.
  93. ^ "Entry into force of FATCA agreement between Switzerland and United States was delayed by six months". September 30, 2013..
  94. ^ "Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA" (PDF). The Stationery Office. Retrieved March 5, 2014.
  95. ^ "OECD". OECD.

Further reading

External links

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