Updates to FATCA guidelines
4 August 2015 | FATCA and CRS news
On 29 July 2015, the Commissioner for Revenue published version 3 of the Guidelines for the Implementation of the FATCA Intergovernmental Agreement and the FATCA Regulations (the ‘FATCA Guidelines’). Section 1 of the FATCA Guidelines contains a list of the updates that have been effected which includes inter alia the following:
- Further clarification on the FATCA entity classification, registration and reporting requirements of Trusts;
- Clarification of the reporting requirements in the case of Recalcitrant Account Holders.