FATCA - Treasury posts new versions of model agreements 

November 7:  The U.S. Treasury Department has posted revised versions of the FATCA model intergovernmental agreements (IGAs).

The revised model IGAs are posted on the Treasury FATCA webpage. The model IGAs are dated November 4, 2013, but show a posting date of November 6, 2013.

KPMG observation

This is the second time in a four-month period that Treasury has revised the model IGAs (an earlier revision having been made in August 2013). An initial impression of why the model IGAs have been updated is to reflect the guidance for foreign financial insitutions provided by the IRS in Notice 2013-69 (released October 29, 2013). Read TaxNewsFlash-United States: Notice 2013-69 - Text of draft FATCA agreement for use by foreign financial institutions.

An obvious change in the model IGAs also reflects language interpreting the “regularly traded exception” that the United States added to the agreements with the Channel Islands.

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