Swiss Discuss Banking Sector Tax Disputes With The US

25 May, 2014

Recent discussions between the US and Switzerland have centered on a US tax dispute settlement program for category two, three, and four banks and the current US criminal investigations into category one banks that are domiciled in Switzerland. The

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US: New treaty delayed in Senate due to renewed opposition

18 May, 2014

Based on privacy concerns Senator  is opposing the ratification of some US tax treaties including the Hungary – United States Income Tax Treaty (2010). The Senator is particularly concerned that the US government would be permitted by the treaty

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US – IRS to Restructure Services for Small Businesses

18 May, 2014

The IRS is considering a project to reorganize operations at its two largest business units, Wage and Investment (W&I) and Small-Business Self Employed (SB/SE). The aim would be to eliminate the duplication that may arise from the potential

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US: IRS eases enforcement for FATCA compliance for some taxpayers

18 May, 2014

In Notice 2014-33, the IRS has announced that it will treat calendar years 2014 and 2015 as a transition period for purposes of enforcing and administering implementation of the Foreign Account Tax Compliance Act (FATCA) by all withholding agents

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Singapore- US: Reach FATCA Agreement

18 May, 2014

The US and Singapore have completed their negotiations in respect of an intergovernmental agreement (IGA) to allow institutions in Singapore to carry out the provisions of the Foreign Account Tax Compliance Act (FATCA). The FATCA requires the IRS to

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Pakistan Warns Banks to Register For FATCA

18 May, 2014

The State Bank of Pakistan has issued advice to financial institutions to ensure that they register with the US IRS in respect of the Foreign Account Tax Compliance Act (FATCA). They have given this advice because the intergovernmental agreement

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US: Committee Selects US Tax Extenders to Make Permanent

11 May, 2014

The Chairman of the US Ways and Means Committee has conducted a hearing to determine which “tax extenders” that expired at the end of 2013 should be permanently extended. There were more than fifty tax breaks expiring at the end of 2013 and in

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US May Close Door on Russian FATCA IGA Talks

11 May, 2014

Talks with Russia on an intergovernmental agreement (IGA) in connection with the FATCA legislation have been suspended by the US. The aim of the agreement if reached would be to enable foreign financial institutions (FFIs) in Russia to comply with

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US CEOs United On Need for Tax Reform

11 May, 2014

An annual survey of the views of US Chief Executive Offices (CEOs) reveals that more than 80 percent of those asked are of the opinion that the international tax system must be restructured and around two thirds of those asked want a more

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Israel and US Reach FATCA Agreement

11 May, 2014

Israel and the US have agreed on the wording of an intergovernmental agreement (IGA) that will enable the provisions of the US Foreign Account Tax Compliance Act (FATCA) to be carried out in Israel. The FATCA takes effect from 1 July 2014 and from

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United States: ADD/CVD Roundup for April 2014

07 May, 2014

Following table shows the Federal Register notices related to ADD/CVD cases for April 2014 in United States. Country Product Investigations Case Number Links Brazil Certain Frozen Warmwater Shrimp Initiation of Antidumping Duty

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PGA Highlights: April 2014

06 May, 2014

In United States, The following events have been taken place under the several PGA during the month of April 2014. Agencies Summary Link Federal Register Labeling of Pesticide Products and Devices for Export: This action will allow placement

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US: Notice 2014-32 announces amendments to recently finalized Section 367(b) regulations applying to certain cross-border triangular reorganizations

30 April, 2014

The US Treasury Department and US Internal Revenue Service have issued Notice 2014-32 revising the final regulations on certain cross-border triangular reorganizations. The Notice applies where the reorganization involves one or more foreign

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Sweden – Intergovernmental agreement under FATCA

30 April, 2014

The US and Sweden have reached substantial agreement on the content of an intergovernmental agreement (IGA) in relation to the US FATCA regulations. The aim of such agreements is to allow the relevant information required by FATCA to be exchange

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US and Hong Kong- tax information exchange agreement (TIEA)

30 April, 2014

On April 25 2014 Hong Kong gazetted the tax information exchange agreement (TIEA) with the United States. The agreement will take effect after the relevant legislative procedures have been completed. The OECD has been encouraging the conclusion of

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FATCA agreement between Australia and United States signed

28 April, 2014

Australia and the United States signed an agreement relating to US Foreign Account Tax Compliance Act (FATCA) on 28 April 2014. These intergovernmental agreements are being concluded by the US in connection with the implementation of the FATCA in

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US : Persons holding PFIC stock through tax-exempt organizations or accounts will be exempt from Form 8621 filing requirements

27 April, 2014

In the US the definition of a shareholder for the purpose of the Section 1291 regulations has been amended by Notice 2014-28. Under this section a special tax and interest charge is levied on a US person has shares in a passive foreign investment

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US: ATR finds that Obama has proposed 442 tax hikes

27 April, 2014

The organization known as Americans for Tax Reform (ATR) has calculated that since 2009 President Obama has proposed 442 tax increases. This figure results from a survey of the budgets for the fiscal years 2010 to 2015. In addition to these tax

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