Articles
Feb 2014
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27
PricewaterhouseCoopers Ltd global IRW newsbrief on US Treasury and IRS release updates to FATCA regs
The US Treasury and the IRS released on 20 February 2014 two key updates to FATCA and related regulations. The first one related to Final and temporary regulations for FATCA.
These regulations (together with the update for Coordinating Regulations for Chapters 3, 4 and 61) are lengthy (over 550 pages) and contain numerous changes that will likely impact how FATCA is implemented by foreign financial institutions around the world. PwC will provide a detailed analysis shortly. In the meantime, please see the high level summary below.
Final and temporary regulations for FATCA
The regulations contain over 50 discrete amendments and clarifications to the FATCA regulations issued in January 2013 to provide clarifications and to take into account certain stakeholder suggestions regarding ways to further reduce burdens consistent with FATCA's compliance objectives. Modifications to the final regulations are also intended to harmonize FATCA with the approach taken in the IGAs (Intergovernmental Agreements).
Key amendments and clarifications include those relating to:
• The accommodation of direct reporting to the IRS, rather than to withholding agents, by certain entities regarding their substantial US owners
• The treatment of certain special-purpose debt securitization vehicles
• The treatment of disregarded entities as branches of foreign financial institutions
• The definition of an expanded affiliated group
• Transitional rules for collateral arrangements prior to 2017
Published in: Pensions and Funds
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27
KPMG FATCA Alert 20 February 2014
KPMG have issued the attachef alert on 20 February 2014: The Treasury Department and IRS today announced the release of a package of regulations to implement provisions under the Foreign Account Tax Compliance Act (FATCA). The package of regulations concerns information reporting by foreign financial institutions (FFIs) and withholding payments to FFIs and other foreign entities; withholding of tax on certain U.S. source income paid to foreign persons; information reporting; and backup withholding on payments made to U.S. persons.
Published in: Pensions and Funds
Nov 2013
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13
KPMG Alert - Draft Instructions and new model IGAs
The U.S. Treasury Department has posted revised versions of the FATCA model intergovernmental agreements (IGAs).
Published in: Pensions and Funds
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13
PricewaterhouseCoopers Ltd global IRW newsbrief on the IRS release of draft FFI agreement
The Internal Revenue Service (IRS) on October 29, 2013 released Notice 2013-69 (the Notice) addressing foreign financial institution (FFI) agreements and related issues under the Foreign Account Tax Compliance Act (FATCA) and accompanying regulations.
Published in: Pensions and Funds
Oct 2013
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29
Summary of amendments to the Trustee Ordinance (October 2013)
With the joint effort of HKTA and STEP Hong Kong Branch over many years working with officials of the Financial Services & Treasury Bureau, the Amendment Bill to the Hong Kong Trustees’ Ordinance was finally passed by Legislative Council on 17 July 2013 with the amendments taking effect on 1 November 2013.
Published in: Trust Law Reform
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02
The Inaugural Report on the HK Trust Industry (English version)
This is the Hong Kong Trust Industry Report – A Cross Sector Perspective (June 2013) jointly released by HKTA / KPMG on 17 July 2013.
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02
The Inaugural Report on the HK Trust Industry (Simplified Chinese version)
This is the Hong Kong Trust Industry Report – A Cross Sector Perspective (香港信托行业 - 跨行业透视) (June 2013) jointly released by HKTA / KPMG on 17 July 2013.
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02
The Inaugural Report on the HK Trust Industry
This is the Hong Kong Trust Industry Report – A Cross Sector Perspective (香港信託行業 - 跨行業透視) (June 2013) jointly released by HKTA / KPMG on 17 July 2013.
Aug 2013
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22
PWC Global Newsbrief - IRS opens FATCA on-line registration system
The Internal Revenue Service (IRS) announced the opening of the Foreign Account Tax Compliance Act (FATCA) registration system on August 19, 2013.
Published in: Pensions and Funds
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22
KPMG Alert - FATCA Registration Portal Open
The IRS has unveiled its new Registration Portal, FATCA Registration Resources and Support Information, providing information relating to the FATCA registration process. The FATCA Registration System is a Web-based system that Financial Institutions (FIs) may use to register their FATCA classification completely online. Attached is a KPMG Alert with further details.
Published in: Pensions and Funds