A change in the final version of a document critical to compliance with the Foreign Account Tax Compliance Act (FATCA) will allow financial firms to choose which form of due diligence procedures to follow.
It has been a breathless time for the Foreign Account Tax Compliance Act (FATCA), the US law aimed at uncovering undisclosed money held by Americans in overseas banks.
Companies want more guidance and advice from tax authorities about how to manage tax transparency, a topic that is set to be key to the outcomes from the OECD’s BEPS project over the next two years. That was one of the more important findings from a survey of more than 100 global organisations.
It was not easy to confine this list to one dispute from each month. Cases we had to leave out included PPL in the US Supreme Court about the creditability of foreign taxes and the Prudential judgment in the UK Supreme Court on legal professional privilege
Talk about having a lot to deal with. If one finance minister was at the centre of most of the controversial tax issues in 2013, mainly to do with the exchange of tax information, it was Eveline Widmer-Schlumpf of Switzerland.
British legislation withdrawing a method of recovering tax charged in breach of EU law, “without notice and retroactively”, is against EU law, the European Court of Justice decided today in its verdict in the Franked Investment Income Group Litigation case.
