Copying and distributing are prohibited without permission of the publisher

Proposed FATCA regs: reaction from around the world

15 February 2012

Ralph Cunningham - ITR

The proposed regulations for the Foreign Account Tax Compliance Act (FATCA) are evidence that the US Treasury has listened to financial institutions about the difficulty of implementing such complex legislation in the time allowed.

However, while the regulations released last week showed welcome signs of a dialogue that worked, it still does not mean that every contentious has been resolved. For example, institutions recognise that the intergovernmental approach shows there has been some movement about to whom they need to report the required information, they still have to comply with due diligence and reporting rules in gathering that information. Apart from postponements to some deadlines, there appears to be very little ground given on that.

The most immediate deadlines related to FATCA are April 30 2012, when comments are due on the 388 pages of proposed regulations. And if anyone wants to speak at the public hearing two weeks later on May 15, their requests to speak and outlines of topics to be discussed at the public hearing scheduled for must be received by May 1.

Here is what some people have been saying:...



This article is locked content, available to current subscribers or trialists.

  • Current subscribers or trialists - Please log in to view this article in full.
  • New users - Please take a free 7 day trial.
  • Expired subscribers or trialists - Please subscribe to gain immediate full access.

If you think you've received this message in error, please contact your account manager, Nick Burroughs:
Email: nburroughs@euromoneyplc.com, Tel: +44 (0)207 779 8379

Subscribe now

Subscribe today to gain full access to International Tax Review.

Subscribe

Free trial

Take a free trial now and gain 7 days of full access to International Tax Review.

Free trial





International Tax Review Profile

RT @KPMGSingapore: Congratulations to @HongBengTay, Warrick Cleine, Khoon Ming Ho on being shortlisted for @IntlTaxReview Asia awards. http…

Apr 28 2016 10:22 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @BLPTax: We are delighted to have been shortlisted for "UK Tax Firm of the Year" by @IntlTaxReview in the 2016 European Tax Awards.

Apr 28 2016 10:21 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @KPMGSingapore: Tax Partner, Geoffrey Soh has been shortlisted for Transfer Pricing Practice Leader of the Yr in @IntlTaxReview Asia Tax…

Apr 28 2016 10:21 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @IoDIreland: Read more about our joint 'Tax in the Boardroom' event with @TaxInstituteIrl held yesterday https://t.co/x3nBLNVu1x https:/…

Apr 28 2016 10:06 ·  reply ·  retweet ·  favourite
International Tax Review Profile

RT @JP_Lieb: And It will give nice competitive opportunities to some continental countries #Brexit https://t.co/NjvUjI86Af

Apr 28 2016 09:50 ·  reply ·  retweet ·  favourite
International Correspondents