Sun, Apr 20, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

US continues making FATCA agreements despite doubts on implementation

Tuesday, July 09, 2013

Bailey McCann, Opalesque New York:

The US continues to make arrangements with foreign governments over the implementation of the Foreign Account Tax Compliance Act (FATCA) despite doubts raised by some in Congress that the IRS has the resources to implement the law. The UK’s tax authority, HMRC, issued regulations at the end of May designed to bring that country into compliance with FATCA. These regulations will be part of that country's Finance Act 2013, and will come into effect later this year. FATCA itself is slated to come into force at the start of 2014, and the US has been busily working to get foreign governments to sign on to one of two tax agreement models.

Those models give each government the opportunity to take on reporting itself as a matter of its tax regime or to rely on the reporting of US persons with some checks. As Opalesque has previously reported, many alternative investment firms where hanging back on their own FATCA compliance awaiting tax agreements in key jurisdictions like the Caymans. Most of those have now been decided and so firms themselves are also working on compliance for this law among others.

According to a client alert from Bingham McCutchen, with the new UK regulations, "dir......................

To view our full article Click here

Banner
Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Opalesque Exclusive: Classic Auto Funds Limited (CAF) launches several car investing funds[more]

    Bailey McCann, Opalesque New York: A new trend in alternative alternatives is emerging - car appreciation funds. Classic Auto Funds Limited (CAF) is the first to market with several funds that make super elite luxury cars into real asset investments. As a result of growing overseas demand couple

  2. Investing – Big hedge funds bought Puerto Rico's junk bonds, Fidelity explores new trading venue amid flash trade concerns, Crisis-era Greek bonds reward early buyers with big effective returns, Cargill unit discloses stake in Freddie preferred[more]

    Big hedge funds bought Puerto Rico's junk bonds From Reuters.com: Several large hedge funds doubled down on Puerto Rico in last month's giant bond sale despite the U.S. territory's financial struggles, the Wall Street Journal reported, citing confidential documents reviewed by the newspa

  3. Opalesque Exclusive: Hedge fund replicators evolve[more]

    Bailey McCann, Opalesque New York: Hedge fund replicators as a group of products tend to get a bad rap from hedge fund managers who suggest that the best a replicator can offer is dynamic beta capture. A

  4. Opalesque Exclusive: Pensions, endowments, family offices reconsider life settlement investments[more]

    Bailey McCann, Opalesque New York: Hedge funds were once the largest investors in the life settlement industry, now the industry is seeing more interest from pensions, endowments and family offices directly. Life settlements have always been considered a niche part of the investing landscape, an

  5. SEC allows investment funds to use social media[more]

    Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) has released new guidance letting investment funds and advisors use social media to promote client reviews. The guidance seeks to assist investment managers in developing compliance policies and procedures reasonably