Treasury Official: Institutions Can Rely On Signed IGAs to Plan for FATCA Reporting
(Appeared Sept. 25, 2012, in Bloomberg BNA's Daily Tax Report)
With deadlines nearing for the 2010 Foreign Accounts Tax Compliance Act, U.S.Treasury official signals that the United States will allow financial institutions in jurisdictions that have signed intergovernmental agreements to be governed by those agreements' stipulations on FATCA reporting requirements, even before jurisdictions have actually ratified and implemented the agreements.
Corwin Says Lack of Information Exchange
Vehicle Need Not Bar FATCA Implementation
(Appeared Sept. 24, 2012, in Bloomberg BNA's Daily Tax Report)
At least three solutions exist to allow jurisdictions that have no tax information exchange arrangement with the United States to sign an intergovernmental agreement to implement the Foreign Account Tax Compliance Act, U.S. Treasury official says.
Tax Officials Likely to Continue Using Stolen Bank Data,
Despite Court Ruling
(Appeared Feb. 12, 2012, in Bloomberg BNA's Daily Tax Report)
Practitioner says recent French high court ruling that voided three tax raids that were based on information stolen from HSBC bank files is unlikely to prevent tax authorities from continuing to pursue people named in the files
At 2011 G-20 Leaders' Summit, Sarkozy Names Switzerland, Liechtenstein Among 11 ‘Tax Havens'
(Appeared Nov. 7, 2011, in Bloomberg BNA's Daily Tax Report)
In Cannes, France, French President Nicolas Sarkozy said the world's leading economies consider 11 jurisdictions “tax havens,” because they had failed to adequately adopt or implement legal systems to allow tax information exchange and transparency.
U.S. Rules Contribute to Tax ‘Opacity'
For Multinationals, OECD Adviser Says
(Appeared Oct. 31, 2011, in Bloomberg BNA's Daily Tax Report)
Current U.S. financial rules allow major multinationals to hide behind banking secrecy veils of certain offshore financial centers to avoid paying taxes in the United States and other jurisdictions, peer review group chief says.
New Methods Needed for Tax Transparency,
French Finance Chief Says at Global Forum
(Appeared Oct. 27, 2011, in Bloomberg BNA's Daily Tax Report)
At a time when many governments are struggling with budget deficits, jurisdictions need to know they will be held to their commitments to exchange tax information with their partners, or otherwise risk sanctions, Baroin says.
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OECD Tax Rules Called Too Complex, Costly to Help Developing Countries Nab Evaders
(Appeared Oct. 6, 2011, in Bloomberg BNA's Daily Tax Report & on Oct. 20, 2011, in Transfer Pricing Report)
The Organization for Economic Cooperation and Development's approaches to multinational tax compliance, particularly regarding transfer pricing, are too complex and costly for developing countries to implement and these countries consequently risk losing tax revenues, tax professionals from three continents said in a series of interviews.
OECD Aims to Ease VAT's Impact on International Trade in Services, Intangibles
(Appeared Aug. 2, 2011, in Bloomberg BNA's Daily Tax Report & Daily Report for Executives)
A group of experts from business and government will meet at the Organization for Economic Cooperation and Development in September to
develop solutions to a growing global tangle of conflicting value-added tax systems that threatens international trade and investment, particularly in
services and intangibles.
Six-Country Plan for Information Sharing
Could Attract Big Offshore Hubs, Owens Says
(Appeared Feb. 10, 2012, in Bloomberg BNA's Daily Tax Report)
The United States, France, Germany, Italy, Spain, and the United Kingdom are working on a framework for automatic transnational exchange of information on foreign-held bank accounts as an alternative way to implement the controversial Foreign Account Tax Compliance Act (FATCA).
FATCA Will Produce Benefits for Non-U.S. Tax Administrations, OECD Official Says
(Appeared July 1, 2011, in Bloomberg BNA's Daily Tax Report & Daily Report for Executives
International implementation of the U.S. Foreign Account Tax Compliance Act will generate benefits for non-U.S. tax administrations in countries participating, but potentially “huge”compliance costs for financial institutions will need to be addressed, the new head of the Organization for Economic Cooperation and Development's Committee on Fiscal Affairs said.
