FATCA - IGAs “agreement in substance” with Belarus, Caribbean Islands, Georgia, Paraguay; text of IGAs with South Africa, New Zealand 

June 13: The U.S. Treasury Department today updated its FATCA webpage to report that the following countires reached an “agreement in substance” for a Model 1 intergovernmental agreement (IGA) with the United States, and consented to this status as of the date shown:
  • Antiqua and Barbuda (June 3, 2014)
  • Belarus (June 6, 2014)
  • Georgia (June 12, 2014)
  • St. Kitts and Nevis (June 4, 2014)
  • St. Lucia (June 12, 2014)
  • St. Vincent and the Grenadines (June 2, 2014)

Treasury reports Paraguay agreed “in substance” to a Model 2 IGA, as of June 6, 2014

In early April 2014, the IRS and Treasury Department announced that foreign financial institutions (FFIs) located in a jurisdiction that has reached an “agreement in substance” with the United States, under the FATCA regime, will be treated as having an agreement in effect until the end of 2014. Read TaxNewsFlash-United States.

Earlier this week, the KPMG member firms in South Africa and New Zealand reported the Model 1 IGAs to implement FATCA rules. The U.S. Treasury Department has also posted text of these IGAs.

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