Germany’s Federal Ministry of Finance in late June 2015 circulated, among various interest groups, draft guidance for purposes of implementing the FATCA regime and the automatic exchange of information between the government of Germany and the United States.
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The 69-page draft guidance focuses on the legal requirements and its interpretations of the IGA. Interest groups have until 17 July 2015 to submit their comments with respect to the FATCA draft guidance.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.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.