Briefing – FATCA / IGAs
The Foreign Account Tax Compliance Act (“FATCA”) was enacted by the US in 2010 to target non-compliance by US taxpayers who may be using foreign accounts to evade tax and its detailed provisions are now being implemented.
International developments in the general area of automatic exchange of information continue to progress with similar intergovernment agreements (IGAs) agreed between the Crown Dependencies with both the US and the UK. Other countries can be expected to follow suit.
The key obligations under the IGAs fall on financial institutions (FIs), which includes trusts, trustee companies, custodians, banks and funds all of which are required to register with the IRS.
Sanne has prepared a briefing which outlines what are the key tasks for FIs and how Sanne can assist.