bulletEDITOR'S PICKS

 

Sesame fined more than £1.5m for 'undermining' RDR

From United Kingdom Oct 30 2014 @ 14:58

The UK’s most complained about advisory firm, Sesame, has been fined over £1...
view article

Barclays accused of ‘betraying duties’ to obtain Saudi licence

From United Kingdom Oct 30 2014 @ 10:41

A Saudi businessmen is suing Barclays for $10bn in damages, claiming the company struck a secret...
view article


bulletRELATED ARTICLES

 

bulletNEWS

 

LATEST NEWS

Polar Capital unveils European income fund for new hire Davis

Polar Capital unveils European income fund for new hire DavisPolar Capital has unveiled details of its European Income Fund to be run by ex...
view article

Are offshore structures still advantageous in...

From Tax & Regulation Oct 31 2014 @ 10:30

Emirates NBD reaches record assets following...

From Middle East Oct 31 2014 @ 04:00

MORE FROM Products

LATEST NEWS

Annual tax gap figures a ‘political football’

Annual tax gap figures a ‘political football’HMRC’s annual publication of tax gap figures, while arguably “...
view article

Brazil’s pension sector courts Nordic bank

From Products Oct 30 2014 @ 15:10

Sesame fined more than £1.5m for '...

From United Kingdom Oct 30 2014 @ 14:58

MORE FROM United Kingdom

LATEST NEWS

SJP closes on £50bn FuM, boosted by high Q3 sales

SJP closes on £50bn FuM, boosted by high Q3 salesNew business at St James’s Place increased by almost 20% over the third...
view article

Barclays accused of ‘betraying duties’ to...

From United Kingdom Oct 30 2014 @ 10:41

Nikko AM to launch first in series of ASEAN...

From Asia Oct 30 2014 @ 08:56

MORE FROM United Kingdom



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

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin


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 .
 

Add to My News Comments (0)

Add to My News Print

Add to My News

add to twitter

add to linkedin




TAGS:

COMMENTS


Have your say

(Be the first to) Have your say!

Please sign in or register here to leave a comment. Registration is free and only takes a few moments.






Share us on Twitter

SHARE US ON TWITTER
Join the community

Join us on Linked In

SHARE ON LINKED IN
Inform your colleagues

Switch to our mobile site

SWITCH TO MOBILE SITE
News on the go

Back tot he top of the page

BACK TO TOP OF PAGE
Just click here...