Dave Hartnett, the most senior tax official at HMRC in the UK until his retirement in 2012, is to become an adviser to a new committee set up by HSBC, the global bank, to advise it on risks in the financial system.
Intergovernmental agreements (IGAs) the US has signed and is negotiating with overseas jurisdictions are taking over as the focus for compliance with Foreign Account Tax Compliance Act (FATCA).
The debate about the UK tax system will focus on the financial industry today with the first hearing by the panel on tax, audit and accounting, which was formed by the Parliamentary Commission on Banking Standards (PCBS) at the end of last year.
While financial institutions await the imminent publication of the final regulations for the implementation of the Foreign Account Tax Compliance Act (FATCA), the US has signed another intergovernmental agreement (IGA) to allow for the easier introduction of the legislation.
