Global tax reporting: regulatory challenges loom
In this BankingExchange.com article, Ernst & Young LLP's Terence Cardew, Neil Bromberg and Paul Frasco explain how targeted investments today may help contain the long term costs of compliance.
Release of IGA Analyser tool
EY has released a powerful new tool, the IGA Analyser. For many organisations, monitoring the global implementation of the IGA and CRS and identifying in-country variations has been identified as a critical risk in the successful delivery of automatic exchange of information (AEOI).The IGA Analyser is a web based tool which provides a user friendly comparison and analysis of jurisdictional FATCA and CRS requirements and variances. Please contact us for more details or to see the tool in action.
HMRC issues Automatic Exchange of Information (AEOI) Regulations
On 26 March 2015, two important updates were published by the UK Government regarding the Automatic Exchange of Information agreements under the EU Council Directive 2011/16/EU (the DAC) and the Multilateral Competent Authority Agreement implementing the Common Reporting Standard (CRS). The updates incorporate and make minor changes to the UK's exchange of information agreement with the United States of America under the US Foreign Account Tax Compliance Act (FATCA).
HMRC to make amendment to IGA guidance in two key areas
On Wednesday, 11 March, HMRC issued a two part update regarding nil return requirements and the treatment of holding and treasury companies as reporting financial institutions (FIs).
Tax Form Validator (TFV) can streamline the tax form validation process for IRS Tax Forms W-8 and W-9 and their substitutes
Web-based and user-friendly, the TFV helps operations personnel efficiently validate forms based on up-to-date regulatory interpretation.
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).