As an important step toward addressing legal impediments to financial institutions’ ability to comply with FATCA, the US Treasury Department has jointly issued a statement with France, Germany, Italy, Spain and the UK expressing mutual intent to pursue a government-to-government framework for implementing the regulations.
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.
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