Latest IGA Developments
In the past month, Model I IGAs were signed by Spain and Germany, and a Model II IGA was signed by Japan. Luxembourg and the Cayman Islands have also expressed their intention to conclude Model I type Agreements in the coming months. Finally, the IRS released a new standard Annex II for both the Model I and Model II IGAs to be included in all future IGAs.
For more information on the Latest IGA Developments, please click here.
Draft Regulations and Guidance Notes
On 16 May 2013, the Irish Revenue Commissioners released draft Irish Regulations and Guidance Notes on FATCA for commentary and feedback, with the expectation that these will be finalised in the coming months.
On 31 May 2013, HMRC released a revised version of the UK Regulations and Guidance Notes on FATCA. HMRC has indicated that they will continue to accept comments with respect to the draft Regulations and Guidance Notes for the “next few weeks” and they are expected to be finalised following the Royal Assent of Finance Bill 2013 which is likely to take place in July.
Click here for more information on the Draft Regulations and Guidance Notes.
Other Developments of Note
A draft "Form W-8BEN-E" was released to be used by foreign entities receiving US source income, including income subject to the 30 percent FATCA withholding tax. The W-8BEN-E will be used by foreign entities to certify their FATCA status to avoid the imposition of the FATCA withholding tax penalty.
There have also been numerous developments in the ever expanding area of international information exchange to combat tax evasion and increase tax transparency.
For more information on Other Developments of Note, please click here.