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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.

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 The updated Guidance Notes supersedes the draft guidance notes originally published by the ITA in July 2014.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.

How is FATCA affecting financial institutions and taxpayers?

Latin America Advisor | January 14, 2015

In its featured Q&A section of the newsletter, Denise Hintzke, global leader for Deloitte Tax LLP’s FATCA practice provides her input on FATCA’s effectiveness as a tool for compliance with the IRS’ financial reporting requirements and the challenges around adoption and compliance.

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Deloitte welcomes OECD transfer pricing comparability data proposals

Tax Notes International | Oct 28, 2014

Deloitte has submitted comments on the OECD discussion draft on transfer pricing comparability data and developing countries, saying that it agrees with the organization's proposals "to help developing countries gain access to databases and suitable data" but that the "current databases have weaknesses."

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Deloitte: Companies should be wary of FATCA backlash for expatriate employees

Bloomberg BNA | August 22, 2014

By Alison Bennett

Expatriate workers face major difficulties with foreign banks reluctant to allow, or retain US accounts in the wake of FATCA, Deloitte practitioners said during an August 21 webcast.

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With FATCA in place, will GATCA be the next headache for BFSI SSCs?

Global Delivery Report | August 13, 2014

By Kimberly Warner-Cohen

Although the long-term effects of the Foreign Account Tax Compliant Act (FATCA) going live on July 1 remain unclear for both US citizens living abroad and the participating 77,000 BFSI institutions in 80 countries handling their accounts, global financial organizations are next shifting their regulatory infrastructures to comply with FATCA’s global counterpart, the Common Reporting Standard, nicknamed GATCA. Denise Hintzke, global leader for Deloitte Tax LLP’s FATCA practice notes the challenges that come along with this increasingly complex global and regulatory environment.

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