TP Week International Tax Review
Copying and distributing are prohibited without permission of the publisher

US unveils FATCA Model 2 agreement

21 November 2012

Ralph Cunningham - ITR


The US has published the final template for inter-governmental agreements (IGA) with foreign jurisdictions to implement the Foreign Account Tax Compliance Act (FATCA).

The template, known as Model 2, requires the partner country to “direct and enable” its financial institutions to register with the Internal Revenue Service (IRS) by January 1 2014 and abide by the provisions of the FFI [foreign financial institution] Agreement, which outlines that the FFI is compliant with FATCA, the law that  requires FFIs to disclose certain information about their US accountholders or pay a withholding tax of 30%.  

The US authorities had previously published the Model 1 IGA, which applies to jurisdictions where local laws prohibit FFIs from reporting directly to...



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






 

Most read articles

Poll

What is your biggest FATCA concern?







Back to top