New registration landing page now available
On 13 August 2014, the IRS released an announcement, reporting that a new FATCA registration landing page is available on the FATCA website.
Access to the FATCA online registration system is now available via the FATCA registration landing page.
Click on "Register or Login" (under No. 3) to be direct to the FATCA financial institution account user login page.
UAE - FATCA update
In May 2014, the UAE reached an agreement in principle with the United States for a Model 1 intergovernmental agreement (IGA), providing for compliance of UAE-registered financial institutions with the FATCA regime.
Accordingly, foreign financial institutions located in the UAE will be treated as having an agreement to comply with the requirements of FATCA by the end of 2014. With the FATCA registration deadline for UAE-based institutions extended to the end of 2014, these institutions now have more time to comply with the FATCA requirements.
Read a 2014 report prepared by KPMG International: United Arab Emirates – New FATCA IGA with US, tax treaty with Mexico.
Sweden - FATCA agreement signed with United States
Representatives of the governments of Sweden and the United States on 8 August 2014 signed an intergovernmental agreement (IGA) to implement the FATCA regime.
The agreement follows the Model 1 IGA. Accordingly, Swedish financial institutions and companies that satisfy the requirements under the IGA will not need to enter into an agreement directly with the U.S. tax authorities, but will exchange information with the Swedish tax agency as the competent authority.
The U.S. Treasury Department previously updated its FATCA webpage, to report that Sweden had reached an “agreement in substance” for a Model 1 IGA with the United States, and had consented to this status as of 24 April 2014.
Sweden’s Ministry of Finance prepared a memorandum that proposing legislation to implement the FATCA provisions into Swedish law. The memorandum has been released for public consultation, with comments due on or before 8 September 2014.
Read an August 2014 report (Swedish) prepared by the KPMG member firm in Sweden: FATCA-avtal undertecknat med USA och lagförslag på remiss.
For further information, please do not hesitate to contact us.
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