The US has opened the online registration portal financial institutions (FI) can use to ensure adherence with the Foreign Account Tax Compliance Act (Fatca).
The US plans to issue guidance on a string of international tax issues in the next 12 months, including the Foreign Account Tax Compliance Act, Subpart F and deferral, inbound and outbound transactions, foreign tax credits and transfer pricing,
The US has agreed terms with another jurisdiction for an intergovernmental agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA), bringing to 10 the number of countries it has signed, or intends to sign, such agreements with.
The International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) are to set up a group to deal with different interpretations arising from the final converged standard on revenue recognition, which is due to be released before the end of September.
How the tax affairs of trusts are managed and claims for capital gains tax (CGT) relief will come under the Australian Taxation Office’s scrutiny in the next 12 months.
