Industry Comment

FATCA draft regulations have arrived

Thursday, February 09, 2012

The long overdue US Foreign Account Tax Compliance Act ("FATCA") draft regulations have now been issued. Under this proposed FATCA regulations, IRS has introduced a "new government-to-government framework for implementing FATCA." The governments of France, Germany, Italy, Spain and the United Kingdom will work together to create a means to collect the information from their banks and send it to the United States. In the press release they issued on 08 February 2011 Treasury said that once these five "FATCA partner" countries finalised the framework, banks in those countries would not have to enter into separate data disclosure agreements with the United States' IRS tax collection agency.

Click release to read the latest release.

Click regulations to access the draft regulations.

Click statement for the joint statement with FATCA partners.

My comments will follow shortly.