FATCA e-alert issue 2014-36

FATCA e-alert issue 2014-36

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Qualified intermediary (QI) status applications for 2014 due 5 December 2014

On 18 November, the IRS issued a release reminding financial institutions seeking qualified intermediary (QI) status for the calendar year 2014 that they must submit their Form 14345 (PDF, 53 KB) and Form SS-4 (PDF, 344 KB) no later than the close of business 5 December 2014.

The IRS stated that all applications received after 5 December 2014, will be effective for calendar year 2015.

Text of Model 1 IGA signed by Bahamas

On 5 November, the U.S. Treasury Department posted text of an intergovernmental agreement (IGA) between the Bahamas and the United States, to implement the FATCA regime.

According to the Treasury website, the IGA as signed by representatives of the Bahamas and the United States (dated 3 November 2014) follows the Model 1 IGA.

Read the 48-page Model 1 IGA (PDF, 243 KB).

Hong Kong signs Model 2 IGA with United States

On 13 November, representatives of the governments of Hong Kong SAR and the United States signed an intergovernmental agreement (IGA) to implement the U.S. FATCA regime.

Read text of the Model 2 IGA (PDF, 197 KB) signed by Hong Kong and the United States.

According to a Hong Kong Financial Services and Treasury Bureau release (PDF, 13 KB), financial institutions in Hong Kong will need to register and conclude separate individual agreements with the IRS. Under these agreements, these institutions must seek the consent of their account holders who are U.S. taxpayers for reporting their account information to the IRS annually.

 

Background

Hong Kong and the United States in May 2014 substantially concluded discussions on an IGA for facilitating compliance by financial institutions in Hong Kong with the U.S. FATCA rules, with a Model 2 IGA. Read TaxNewsFlash-Asia Pacific.

Barbados - IGA to implement FATCA

On 20 November, an intergovernmental agreement (IGA) to implement the FATCA regime was signed on 17 November 2014 by representatives of the governments of Barbados and the United States, according to informal communications from the office of the Ministry of Industry and International Business.

Text of the IGA is currently not available, but the U.S. Treasury previously reported in May 2014 that Barbados had agreed in substance to follow the Model 1 IGA.

 

For further information, please do not hesitate to contact us.

 

 

 

 

 


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