Luxembourg

Details

  • Service: Tax, Financial Services
  • Industry: Financial Services, Banking
  • Type: Newsletters
  • Date: 6/11/2013

Contact

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 2013-16 

June 2013

Switzerland and US sign memorandum of understanding on FATCA

 

Representatives of the government of Switzerland and the United States on 7 June 2013 signed a memorandum of understanding (PDF, 19 KB) on interpretations under the FATCA agreement signed by Switzerland and the United States in February 2013.

 

According to a release from the Swiss Ministry of Finance (concerning the scope of the FATCA agreement negotiations signed in February 2013) both sides had agreed to set out individual interpretations of a technical or administrative nature in a memorandum of understanding (MoU).

 

The MoU was signed on 7 June and:

 

  • Summarizes the obligations of Swiss financial institutions
  • States the relationship with the qualified intermediary system
  • Confirms the simplified self-declaration for exempt Swiss beneficial owners under the FATCA agreement
  • Summarizes the obligations of Swiss financial institutions
  • States the relationship with the qualified intermediary system
  • Confirms the simplified self-declaration for exempt Swiss beneficial owners under the FATCA agreement

 

The MoU provides that Swiss financial institutions can generally apply definitions from the implementing provisions of the U.S. Treasury Department if these regulations simplify matters relative to the definitions in the FATCA agreement.

 


 

Text of agreement with Spain released

 

The U.S. Treasury Department has posted text of the intergovernmental agreement (IGAs) between the United States and Spain under the FATCA (Foreign Account Tax Compliance Act) legislation. Read text of the agreement on the Treasury website.

 

The agreement with Spain was signed in May 2013, but text was not then available.

 

 

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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