Opalesque Industry Update - The UK's HMRC has issued draft guidance notes on the UK FATCA Intergovernmental Agreement together with its response to the FATCA Consultation Document.
Chris Tragheim, tax partner at Deloitte, said: “Financial services companies have been awaiting this draft guidance so that they can progress with their FATCA preparations. “The next six months will be a critical period for organisations to tackle their FATCA obligations if they are to meet the compliance deadlines. In particular, the draft guidance has crystallised the breadth of organisations impacted by FATCA, including banks, brokers, insurers, funds, trust and corporate service providers, lawyers and clearing organisations. However, despite the additional information released today there are still unanswered questions, not least around the registration requirements, that continue to cause uncertainty.
“The draft guidance provides another important step in global information reporting. Governments believe it is an important to share information to combat cross border tax evasion, and more agreements will undoubtedly be signed.”