Germany: Draft guidance for implementing FATCA

Germany: Draft guidance for implementing FATCA

Germany’s Federal Ministry of Finance in late June 2015 circulated, among various interest groups, draft guidance for purposes of implementing the FATCA regime and the automatic exchange of information between the government of Germany and the United States.


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The intergovernmental agreement (IGA) signed by Germany and the United States follows the Model 1 IGA. Accordingly, financial institutions in Germany are required to report information concerning assets held by U.S. persons with the German tax authorities (Bundeszentralamt für Steuern) which will then transfer the information provided to the U.S. tax administration (IRS).

The 69-page draft guidance focuses on the legal requirements and its interpretations of the IGA. Interest groups have until 17 July 2015 to submit their comments with respect to the FATCA draft guidance.

Read a July 2015 report [PDF 78 KB] prepared by the KPMG member firm in Germany.

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