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Details

  • Service: Tax, Financial Services
  • Industry: Financial Services, Banking
  • Type: Newsletters
  • Date: 2/19/2013

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Gerard Laures

Partner

Tel. +352 22 51 51 5549

gerard.laures@kpmg.lu

 

Claude Poncelet

Partner

Tel. +352 22 51 51 5567

claude.poncelet@kpmg.lu

 

Frank Stoltz

Partner

Tel. +352 22 51 51 5520

frank.stoltz@kpmg.lu

FATCA e-alert - Issue 2013-04 

February 2013

U.S. intergovernmental agreement signed with Switzerland, initialed with Italy

 

On 14 February 2013 the Treasury Department announced that representatives of the United States and Switzerland have signed a bilateral intergovernmental agreement to facilitate information reporting and withholding tax provisions between the two countries under the Foreign Account Tax Compliance Act (FATCA) regime. Treasury reports that today’s United States-Switzerland agreement (PDF, 477 KB) is the first based on the Model II intergovernmental agreement (November 2012). Switzerland is one of eight countries that have signed or initialed an intergovernmental agreement (IGA) aimed at facilitating effective and efficient implementation of FATCA.

 

Additionally, Treasury also reported that the United States initialed an IGA with Italy on 24 January 2013, and that Treasury is engaged with more than 50 countries and jurisdictions in an effort to sign more agreements in the near future.

 

For further information, please do not hesitate to contact us.

 

 

 

 

 

 

Any tax advice in this communication is not intended or written by KPMG to be used, and cannot be used, by a client or any other person or entity for the purpose of (i) avoiding penalties that may be imposed on any taxpayer or (ii) promoting, marketing, or recommending to another party any matters addressed herein.

The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.

 

 

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