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More testing announced for FATCA's information exchange systems

Financial institutions and tax administrations will get another opportunity next week to test the FATCA International Data Exchange Service (IDES), the technology that will be used to exchange data securely under the Foreign Account Tax Compliance Act.

Testing will be open from April 20 at 12pm Eastern Daylight Time (EDT) to April 24 at 12pm EDT to all financial institutions and tax administrations that have completed IDES enrolment by today (April 16 2015) at 5pm EDT.


The IRS has listed what testers should do before they start testing; guidelines for data packets and transmissions; and what they should do if they need help during testing.

The IDES was launched in January as the tool to be used for the secure exchange of information under FATCA, the US legislation that requires foreign financial institutions to report to the US Treasury and Internal Revenue certain payments to their US account holders or pay a withholding tax of 30%. 

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An intense period of lobbying and persuasion is under way as the UN secretary-general’s report on the future of international tax cooperation begins to take shape. Ralph Cunningham reports.
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The OECD’s rules may be impossible for businesses to manage, according to tax experts from companies including Shell.
The UK government is now committed to replacing the ‘super-deduction’ with a 100% capital allowances regime to offset the impact of the corporate tax rise to 25%.
Corporate tax is set to rise in the UK for the first time in decades, but the headline rate remains historically low despite what many observers think.
President Joe Biden’s nominee is set to be confirmed as IRS commissioner for a five-year term.
British companies are waiting to hear the details of what will replace the 130% ‘super-deduction’ next week, while Spain considers stopping a major infrastructure company moving to the Netherlands.
President Joe Biden wants to raise corporate tax and impose a higher stock buyback tax on US businesses, but his budget proposal faces insurmountable obstacles in Congress, writes Ralph Cunningham.
EY is still negotiating the terms of the plan to split its audit and consulting functions, but the future of tax services is reportedly a sticking point.
Country-by-country reporting is the best option for safe harbour provisions under the global anti-base erosion rules, according to tax directors at companies including Standard Chartered Bank and Pernod Ricard.