FATCA In-country Reporting Submission Tool (FIRST) developed for clients
FIRST is a light-touch Foreign Account Tax Compliance Act (FATCA) reporting tool, designed to provide a secure place to capture and collate the information required to be reported under Internal Revenue Service (IRS) or Intergovernmental Authority (IGA) regulations in 2015. FIRST is designed to support low-volume reporting requirements, on both individuals and entities.
FATCA: what insurance brokers need to think about
While most of the focus of FATCA (and the accompanying Intergovernmental Agreements (IGAs) between the US and certain FATCA partner nations) has been on financial accounts maintained at banks, custodians, asset managers, and life insurance companies, FATCA also has an effect on persons paying premiums to US and non US insurance and reinsurance companies and brokers to purchase insurance and reinsurance of US risks.
FATCA, data protection and general insurance companies
Summary of key issues discussed on 11 November 2014 seminar on the topic of data protection issues for general insurers.
Significant developments in the global automatic exchange of information
Two recent events illustrate significant development in the global automatic exchange of taxpayer information arena.
Council of the European Union agrees to extend the automatic exchange of information
On 14 October 2014, the Economic and Financial Affairs Council (ECOFIN), a configuration of the Council of Europe which is made up of the economics and finance ministers from all European Union (EU) Member States and relevant European Commissioners, agreed1 on a draft EU Directive extending the scope for the mandatory automatic exchange of information between tax administrations.
IRS updates procedures for withholding foreign partnerships and withholding foreign trusts; coordinates rules with FATCA
The IRS has issued updated procedures [Revenue Procedure 2014-47, 2014-35 IRB 1 (released and effective 8 August 2014)] for “withholding foreign partnerships” (WPs) and “withholding foreign trusts” (WTs) that elect to assume certain US withholding tax responsibilities.
OECD issues Standard for Automatic Exchange of Information in Tax Matters
On 21 July 2014, the Organisation for Economic Co-operation and Development (OECD) published the Standard for Automatic Exchange of Information in Tax Matters (the Standard).
OECD publishes Standard for Automatic Exchange of Financial Information in Tax Matters
On 21 July 2014, the Organisation for Economic Co-operation and Development (OECD) published the first edition of the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Standard).
Australia releases discussion paper Common Reporting Standard for the automatic exchange of tax information for comment
On 19 June 2014, the Australian Treasury released a discussion paper (DP) Common Reporting Standard for the automatic exchange of tax information for comment.
Impact of final FATCA regulations on the asset management industry
With final FATCA regulations now released, learn how they affect the industry and what firms need to focus on for the remainder of 2013.
Final FATCA regulations refine definitions and provide relief for insurance companies
In this alert, learn which four changes in the final regulations have the broadest implications for the insurance industry. (January 2013)
Does FATCA apply to your life insurance business?
Many financial institutions are asking if FATCA applies to them -- and if so, what are the compliance requirements? Get the answers to common FATCA questions.
FATCA and insurance: the saga continues
New guidance brings answers and questions for the insurance industry.