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Foreign Account Tax Compliance Act

Presented below is a listing of publications and by-lined articles reflecting Deloitte’s perspective on Foreign Account Tax Compliance Act (FATCA) legislation and implications.

US Signs Competent Authority Agreements with Australia, UK

Tax Notes International | September 28, 2015, p. 1098

The competent authority of the United States entered into its first two competent authority agreements under the intergovernmental agreements it signed with Australia and the United Kingdom to implement the US Foreign Account Tax Compliance Act, the IRS announced. However, Denise Hintzke points out how the agreements do not address how the US will provide Australia and the UK with reciprocal information. Download the full article written by J.P. Finet, Tax Analysts.

Q&A: Deloitte talks about the common reporting standard

Family Wealth Report | August 21, 2015

In this feature interview with Denise Hintzke, director and Global FATCA Tax leader with Deloitte Tax LLP, she discusses the potential impact of the OECD’s Common Reporting Standard (CRS) on the private wealth sector. The article also quells the misconception that just because financial institutions are compliant with FATCA, it does not mean they are compliant with CRS.

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US position on OECD standard problematic for trusts and funds

Tax Notes | August 17, 2015, pp. 727-728

In this article, Denise Hintzke discusses what United States financial institutions may consider in relation to the OECD’s common reporting standard (CRS). Preparation for the US’ uncertain status as a participant in CRS could create a logistical nightmare for the US fund and trust industries if other countries decide to treat the United States as a nonparticipating. Download the full article written by Kristen A. Parillo, Tax Analysts.

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1 Year later FATCA reporting

Tax Notes International | Volume 79, Number 1- July 6, 2015

Denise Hintzke, director, Deloitte Tax LLP and leader of its Global Foreign Account Tax Compliance (FATCA) initiative, discusses the obstacles and benefits FATCA presents for foreign financial institutions at the one-year anniversary of compliance with the law.

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British Virgin Islands: BVI updates FATCA reporting guidance

World Tax Advisor | Deloitte US | Tax Services | April 24, 2015

World Tax Advisor is a twice monthly bulletin of international tax developments written by Deloitte professionals. The newsletter focuses on analyses of cross-border tax developments that reflect the dynamic business environment faced by multinationals. In this edition, on March 24, 2015, the International Tax Authority of the British Virgin Islands (BVI) published its highly anticipated updated Guidance Notes on the US Foreign Account Tax Compliance Act, entitled “Guidance Notes on the International Tax Compliance Requirements of the Legislation Implementing the Intergovernmental Agreements between the British Virgin Islands and the United States of America and the United Kingdom to Improve International Tax Compliance, Version 2.0.” The updated Guidance Notes supersedes the draft guidance notes originally published by the ITA in July 2014. This article summarizes the relevant BVI legislation, highlights of the various changes and the deadlines and manner for submission of information.

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