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Brokers warn they will report those not complying in UAE

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Mark Battersby

US Treasury in FATCA talks with 50 jurisdictions, but not China

From Tax & Regulation Nov 9 2012 BY: Mark Battersby , Editor , International Adviser

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The US Treasury has revealed that more than 50 jurisdictions are in various negotiation stages on formal agreements on how to comply with FATCA.

In a statement, the department said jurisdictions with which it is actively engaged in a dialogue towards concluding an intergovernmental agreement include: Argentina, Australia, Belgium, the Cayman Islands, Cyprus, Estonia, Hungary, Israel, Korea, Liechtenstein, Malaysia, Malta, New Zealand, the Slovak Republic, Singapore, and Sweden.

The Treasury stated it “expects to be able to conclude negotiations with several of these jurisdictions by year end.”

“Global cooperation is critical to implementing FATCA in a way that is targeted and efficient,” said Treasury assistant secretary for tax policy Mark Mazur. “By working cooperatively with foreign governments and financial institutions, we are intensifying our ability to combat tax evasion while minimizing burdens on financial institutions.”

But the Treasury's list did not include China, a country so significant that some tax experts are concerned about the implications of an absence of any tax agreement between the two superpowers.

The Treasury said it had already concluded a bilateral agreement with the UK, and added that it is in the process of finalizing agreements with others by the end of the year, including France, Germany, Italy, Spain, Japan, Switzerland, Canada, Denmark, Finland, Guernsey, Ireland, Isle of Man, Jersey, Mexico, the Netherlands, and Norway.

The jurisdictions with which Treasury is working to explore options for intergovernmental engagement include: Bermuda, Brazil, the British Virgin Islands, Chile, the Czech Republic, Gibraltar, India, Lebanon, Luxembourg, Romania, Russia, Seychelles, Sint Maarten, Slovenia, and South Africa.

A meeting hosted by the Qatar Central Bank in early December will provide information about FATCA and the intergovernmental agreements to invited senior government officials and financial institutions in the Gulf Cooperation Council.

Updates and further information on FATCA can be found by visiting the Treasury FATCA page .
 

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