• Service: Tax, Global Mobility Services, International Tax
  • Type: Regulatory update
  • Date: 8/4/2014

Germany - FATCA implementation ordinance 

August 4: Germany’s finance ministry (BMF) can “enact” ordinances, with the consent of the Bundesrat (upper house), in order to meet obligations arising from the FATCA agreement between Germany and the United States. This authority is provided under a newly promulgated ordinance.

The FATCA agreement between Germany and the United States entered into force in December 2013. Legislation approved by both houses of the German parliament in November 2013 provided authority to the finance ministry to allow Germany to comply with the requirements under that agreement.

An implementation ordinance has now been adopted within the framework of the FATCA agreement. The implementation ordinance provides, among other items, for the registration of banks; identification and due diligence obligations; collection and transmittal of data; and rules on penalties (fines).

The FATCA implementation ordinance was published in the federal law gazette on 28 July 2014, and has an effective date of 29 July 2014.

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