Ninety-three Countries to Implement CRS

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On October 29, 2014, the Organization for Economic Co-operation and Development (“OECD”) distributed a press release announcing the endorsement by all OECD and G20 countries as well as major financial centers participating in the Global Forum on Transparency and Exchange of Information for Tax Purposes (“Global Forum”) of the standard on automatic exchange of information […]



IRS

IRS Releases FAQs on the Validity of Non-U.S. Approved Self-Certifications

As previously noted, the validity of non-U.S. approved self-certifications may be called into question because of language included in certain portions of the Intergovernmental Agreement (“IGA”) stating that the Foreign Financial Institution (“FFI”) may use a Form W-8/W-9 “or other similar agreed form” to document an account holder. The IRS has updated the FATCA General Frequently […]

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Lithuania signs Model 1 IGA

On August 26, Lithuania signed a Model 1 IGA with the U.S. The agreement is available here.

IRS

FATCA Registration System Updates

The following changes were made to the FATCA Registration System on October 6, 2014.  For more detailed information, refer to “What’s New” section in the updated FATCA Registration Online User Guide. New and Updated Features Updates to FI Legal Name Fields (Questions 2, 12, 13 and 15 of the Registration) Expanded length of FI legal name […]

IRS

U.S. Treasury May Require Self-Certification Form Approval

A U.S. Treasury official indicated that self-certifications used by Foreign Financial Institutions (“FFIs”) in Intergovernmental Agreement (“IGA”) jurisdictions must be approved by the U.S. Treasury for the forms to be considered valid. The position is grounded on language included in certain portions of the IGA stating that the FFI may use a Form W-8/W-9 to […]

IRS Releases Instructions for the Requestor of Forms W-8

IRS

On July 18, 2014, the IRS released the Instructions for the Requester of Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP, and W-8IMY (“Requester Instructions”). The Requester Instructions supplement the instructions for the noted Forms and can be used to help withholding agents and Foreign Financial Institutions (“FFIs”) in validating the Forms for both chapter 3 and 4 […]

New and Updated FATCA FAQs Posted on July 10, 2014

IRS

The following new and updated FAQs were posted on July 10, 2014, by the IRS. IGA Registration Does an FFI in a Model 1 IGA jurisdiction need to register before July 1, 2014, if the FFI is part of an EAG? No.  The chapter 4 regulations generally provide that, in order for withholding not to apply, […]

HMRC will update U.S. Guidance Notes concerning Trusts as Investment Entities

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HM Revenue & Customs (HMRC) will update the US guidance notes in August to clarify when: a trust will qualify as a financial institution as a result of the professional management of the trust’s assets by another financial institution the assets under management are considered to be the assets of the trust In the interim, […]

Can a U.S. Citizen Open a High Value Foreign Deposit Account and Not be Reported to the IRS?

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The answer: Yes, depending on the bank. A foreign bank which meets the Local Foreign Financial Institution (FFI) requirements in either Annex II of an IGA or in the U.S. Treasury Regulations is not required to report a U.S. citizen if that individual is resident in the country in which the bank is licensed and regulated […]

IRS Releases Update to Registration User Guide

IRS

The addendum updates the naming conventions of the country lookup table.

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