The US Treasury Department and the Internal Revenue Service (IRS) have issued proposed regulations relating to information reporting by foreign financial institutions (FFIs) and withholding on certain payments to FFIs and other foreign entities. A joint statement was released by the governments of the US, France, Germany, Italy, Spain and the UK, stating that they are exploring a common approach to Foreign Account Tax Compliance Act (FATCA) implementation through domestic reporting and reciprocal automatic information exchange. This statement also indicates that negotiations are in place so that UK FFIs may not need to enter into an FFI agreement with the IRS.
Rob Bridson, financial services tax partner at PricewaterhouseCoopers (PwC) said: “The proposed regulations appear to reduce the burden of implementation but leave financial institutions with a significant amount of work in order to ensure compliance. The impact of the intergovernmental approach which is finally adopted will also have an impact on what financial institutions are required to do to comply with FATCA.”
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