The Alternative Investment Management Association (AIMA) has published its guidance and frequently asked questions (FAQs) on the US Foreign Account Tax Compliance Act (FATCA). Among other things it includes the key elements of FATCA, template intergovernmental agreements and foreign financial institutions registration and reporting information. A copy of the paper is available. http://www.aima.org/objects_store/fatca_-_aima_guidance_faqs_-_23_may_13.pdf

ILAG members should note a significant development in French trust tax law. The new Loi de Finances Rectificative pour 2011 contains measures that oblige trusts and their trustees to report on the trust‟s French assets, their French beneficiaries, and/or French settlors. Like FATCA, the new law seeks to involve trusts which have French settlors and/or […]

it has been a busy few weeks for those following the implementation of the US FATCA regime – the new rules by which the US tax authority is seeking to prevent US taxpayers from avoiding their US tax obligations by moving money abroad. As we reported last year, “financial institutions”, including private equity and venture […]

The Foreign Account Tax Compliance Act (FATCA) regulations were introduced under the HIRE Act (Helping Individuals Return to Employment). FATCA was passed in the U.S. in 2010 and following a degree of industry consultation the proposed regulations were released in early 2012 with an invitation for feedback. The final regulations are expected in late 2012 […]

  2010 – The year the controversial set of regulations known as FATCA was enacted by Congress as part of the HIRE Act.   544 – The page count of the final rule (do you think it leaves room for loopholes? 50 – The number of nations the IRS is talking to about “Intergovernmental Agreements” (and […]