The statement does not contemplate an exemption from FATCA for any jurisdiction, but instead offers a framework for information-sharing pursuant to existing bilateral income tax treaties and allows foreign financial institutions (FFIs) to report the necessary information to their respective governments rather than to the US Internal Revenue Service.
Under the possible framework, the US and a partner country (FATCA partner) would enter into an agreement pursuant to which, subject to certain terms and conditions, the FATCA partner would agree to:
According to the statement, the US, France, Germany, Italy, Spain and the UK are cognizant of the need to keep compliance costs as low as possible for financial institutions and other stakeholders and are committed to working together over the longer term towards achieving common reporting and due diligence standards.
Our website utilises standard technology called "cookies" and web server logs to collect information about how the Hubbis site is used. Cookies are a feature of your web browser software that allows servers to recognise the computer used to access a website. This information is collected on an aggregate basis. None of this information is associated with you as an individual. If you continue to access the Hubbis site, we will assume that you agree to receive cookies. You may choose to disable cookies on your computer, however it is possible that some parts of the Hubbis site may not operate correctly if you do so
The content on this site is the copyright of Hubbis (HK) Limited.
We take all reasonable steps to ensure that the information on this Website is correct. However, we do not guarantee the correctness or completeness of material on this Website. Neither we nor any other party (whether or not involved in producing, maintaining or delivering this Website), shall be liability or responsible for any kind of loss or damage that may result to you or a third party as a result of your or their use of our website.
The information provided is for general information purposes only. It is not, and should not be construed as, financial or other professional advice.
In the material we make available on our site, we rely on a wide variety of sources. We believe these sources of data to be accurate and reliable, but sometimes they may not be. Hubbis.com makes no claims or representations as to the accuracy, completeness, or truth of any material contained on our site. Nor is Hubbis.com liable for any errors or delays in the content or transmission of the data on our site.
© Hubbis (HK) Limited 2015. All Rights Reserved.