China: FATCA Pact with US
China has reached an intergovernmental agreement (IGA) with the U.S. on cooperation with the Foreign Account Tax Compliance Act, according to the U.S. Treasury Department. In Accordance with Foreign Account Tax Compliance Act (FATCA), China will
See MoreIsrael and US FATCA agreement signed
The Israel - United States Foreign Account Tax Compliance Act (FATCA) Agreement (2014) was signed on June 30, 2014. Further details of the agreement will be reported
See MoreNew Zealand and United States signs FATCA IGA to share tax information
On 12 June, New Zealand signed an intergovernmental agreement with U.S to improve international tax compliance and to implement the Foreign Account Tax Compliance Act. According to the IGA, New Zealand financial institutions will disclose account
See MoreFATCA agreement between US and Latvia signed
Latvia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on June 27, 2014. Under the agreement, Foreign Financial Institutions (FFIs) in Latvia will report the information required under FATCA about U.S. accounts
See MoreRussian banks help IRS after new FATCA law passed
The State passes legislation allowing Russian banks to pass information on their U.S. clients to the IRS, as demanded by the Foreign Account Tax Compliance Act (FATCA). FATCA will come into force on July 1, 2014, and by this time the law that
See MoreOECD agrees with US tax reform
The Organization for Economic Cooperation and Development's (OECD) chimes in on US tax reform. OECD’s Secretary-General Angel Gurría presented the latest economic survey of the United States which identifies some tax-based reforms required to
See MoreUnited States: ADD/CVD Roundup for May 2014
Following table shows the Federal Register notices related to ADD/CVD cases for May 2014 in United States. Country Product Investigations Case Number Links Australia Electrolytic Manganese Dioxide Notice of Commission Determination To Conduct
See MoreUS Treasury fact sheet to support Education Tax Credit Claims
In order to raise the awareness of students and their families, the US Treasury Department has published a fact sheet to educate colleges and universities, tax preparers, software providers and other stakeholders, on the complex rules addressing
See MoreUS: IRS announces Taxpayer Bill Of Rights
On June 10, IRS declared the "Taxpayer Bill of Rights" intending to provide United States’ taxpayers with a better understanding of their rights. There are multiple existing rights under the Taxpayer Bill of Rights which are scattered throughout
See MoreUAE and US Signed Provisional FATCA Agreement
The United Arab Emirates (UAE) and US signed an Intergovernmental Agreement (IGA) to implement the Foreign Account Tax Compliance Act (FATCA) of United States. The US congress enacted FATCA in 2010, taking effect on July 1, 2014, desire to ensure
See MoreSouth Africa and US signed IGA
The Government of US and South Africa signed an inter-governmental agreement (IGA) on June 9, 2014. The provision of reciprocal exchange of information includes in the agreement, where financial institutions in South Africa require report
See MoreSouth Africa and United States signed agreement to share tax information
U.S. Ambassador to South Africa Mr Patrick H. Gaspard and South African Minister of Finance, Mr Nhlanhla Nene signed an intergovernmental agreement, on June 9, 2014, to improve international tax compliance and to implement the Foreign Account Tax
See MoreSwitzerland and United States FATCA agreement enters into force
The Federal Council decided, on June 6, 2014, that the FATCA agreement between Switzerland and the United States came into force on June 2, 2014. This agreement was approved by the parliament in September 2013. The FATCA execution in Switzerland is
See MoreIRS warns filing deadlines for US Expats
US citizens and resident living overseas who are eligible for an automatic two-month extension after the regular April 15 tax filing date must file their 2013 federal income tax returns by June 16. Since 15 June is Sunday this year taxpayers get one
See MoreTurkey enlisted as having FATCA in effect
Turkey has reached an intergovernmental agreement (IGA) with the United States to execute the Foreign Account Tax Compliance Act (FATCA), and has agreed to be listed on the website of the US Treasury Department as a jurisdiction that is supported as
See MoreCanada follows suit with US and excludes references to OECD in TP request
Canada has adopted similar position to the US and has excluded references to the OECD’s three-tier documentation in favour of its own country specific transfer pricing (TP) documentation. The Canada Revenue Agency (CRA) has reviewed its TP
See MoreUS: Poor Policy for IRS Tax Enforcement-TIGTA
The Treasury Inspector General for Tax Administration (TIGTA) recently released a report on actions taken by the United States Internal Revenue to collect individual Federal income, Social Security, and Medicare taxes unpaid by businesses were not
See MoreUS: Taxpayers Giving Up US Passports As FATCA Approaches
The FATCA may be causing some taxpayers to give up their US citizenship. According to statistics issued by the US Treasury Department statistics and included in the Federal Register, more than one thousand United States taxpayers relinquished their
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