Global

Details

  • Service: Tax, Global Mobility Services, International Tax
  • Type: Regulatory update
  • Date: 5/30/2014

Bulgaria - Review of FATCA “agreement in substance” 

May 30:  Representatives of the governments of Bulgaria and the United States in late April 2014 reached an intergovernmental agreement (IGA) “in substance” under the FATCA regime, with Bulgaria consenting to being included as a jurisdiction under the Model 1 IGA list as of 23 April 2014.

Read a May 2014 report [PDF 216 KB] prepared by the KPMG member firm in Bulgaria: Tax newsletter


Under U.S. guidance issued in early April 2014, foreign financial institutions (FFIs) located in a jurisdiction that has reached an “agreement in substance” with the United States, under the FATCA regime, will be treated as having an agreement in effect until the end of 2014. Read TaxNewsFlash-United States.




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