Tue, Dec 12, 2017
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

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. Mediobanca acquires majority stakes in Swiss hedge fund[more]

    Komfie Manalo, Opalesque Asia: Listed diversified banking group Mediobanca SpA said it has acquired a majority stake in Geneva-based hedge fund firm RAM Active Investments SA (RAM AI), an active and alternative asset manager offering a range of act

  2. Launches - Ex-BlueCrest team to open over $200m hedge fund, Greg Coffey, a hedge fund star who retired at 41, is eyeing a comeback, Brevan Howard plans Greek funds as bond rally signals revival[more]

    Ex-BlueCrest team to open over $200m hedge fund From Bloomberg.com: A team of traders who left BlueCrest Capital Management earlier this year raised more than $200 million for their own hedge fund focused on Asian stocks, according to a person familiar with the matter. Ovata Capital Manag

  3. North America - Miami could attract hedge funds if SALT deductions axed[more]

    From Law360.com: For years, inertia has been Nitin Motwani's greatest foe in his attempts to lure hedge fund owners in the northeast to Miami, which he has pitched as a tropical low-tax paradise. But with the Republican tax bill proposing to eliminate deductions for state and local taxes, he's sensi

  4. Northleaf Capital Partners closes debut private credit fund on $670M[more]

    Bailey McCann, Opalesque New York: Northleaf Capital Partners has closed its debut private credit fund - Northleaf Private Credit I - on $670 million. The vehicle will invest in private credit transactions in Europe and North America, with a primary focus on lending to private equity-backed compa

  5. Opalesque Exclusive: Credit Suisse Asset Management's NEXT Investors leads $6M Series A round for LUX Technology and Services[more]

    Bailey McCann, Opalesque New York: Credit Suisse Asset Management's NEXT Investors has led a $6 million Series A funding round for LUX Technology and Services, a business and technology solutions provider for the alternative assets industry. The investment will be used to fuel growth of Trans