• Service: Tax, Global Mobility Services, International Tax
  • Type: Regulatory update
  • Date: 8/12/2014

Sweden - FATCA agreement signed with United States 

August 12:  Representatives of the governments of Sweden and the United States on 8 August 2014 signed an intergovernmental agreement (IGA) to implement the FATCA regime.

The agreement follows the Model 1 IGA. Accordingly, Swedish financial institutions and companies that satisfy the requirements under the IGA will not need to enter into an agreement directly with the U.S. tax authorities, but will exchange information with the Swedish tax agency as the competent authority.

The U.S. Treasury Department previously updated its FATCA webpage, to report that Sweden had reached an “agreement in substance” for a Model 1 IGA with the United States, and had consented to this status as of 24 April 2014.

Sweden’s Ministry of Finance prepared a memorandum that proposing legislation to implement the FATCA provisions into Swedish law. The memorandum has been released for public consultation, with comments due on or before 8 September 2014.

Read an August 2014 report (Swedish) prepared by the KPMG member firm in Sweden: FATCA-avtal undertecknat med USA och lagförslag på remiss

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