FATCA - Switzerland signs memorandum of understanding on FATCA interpretations 

June 7: Representatives of the government of Switzerland and the United States today 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 today’s 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 today 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

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.

*Read TaxNewsFlash-United States: FATCA - U.S. intergovernmental agreement signed with Switzerland, initialed with Italy (February 14, 2013)

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