FATCA

Foreign Account Tax Compliance Act.  A US law that requires foreign financial institutions to report data on US account holders.

Administrative cooperation, Administrative obligations, Common Reporting Standard, Exchange of Information, FATCA, Germany, India, International Tax Law, Law enforcement, Mandatory disclosure, Personal income tax, Residence, Tax Treaties, United Kingdom, United States

(Temple Tax Chambers; King’s College London)/ /Leave a comment

HMRC v Embiricos [2020] UKUT 370 (TC) reflects a common issue that arises in connection with tax investigations or audits of internationally mobile individuals. Mr Embiricos  filed his tax returns on the basis that he was resident, but not domiciled in the UK. On that basis, he was entitled to the remittance basis of taxation….

Beneficial ownership, BEPS, FATCA

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The U.S. has a highly successful international financial service industry that is important to the U.S. economy, exemplified by, firstly, the international financial centers such as Miami and New York of over a half-trillion dollars of foreign deposits of high net wealth individuals whom many experts allege are not tax and exchange control compliant in…

Common Reporting Standard, Exchange of Information, FATCA, Financial institutions, Tax Avoidance, Tax Policy, Trusts and Estates, United States

(DCIT, Foreign Tax and Tax Research Division, Government of India)/ /2 Comments

In the 1980s, a new dimension to profit shifting was introduced in the United States through the establishment of Onshore Offshore Banks. New legislation (called the International Banking Facility (IBF)) allowed banks in the US to maintain two separate sets of accounts. One set capturing all transactions with residents of USA which would be subject…

FATCA, OECD

(Texas A&M University Law)/ /1 Comment

FATCA: GIINs and LEIs Musings of Professor William Byrnes with the tremendous brain power of Haydon Perryman Firstly, a loud shout out to Haydon Perryman who crunches the IRS GIIN list into workable data.  His research is at the forefront of FATCA and CRS intelligence and the only available for analysis of FATCA.  Now unto some numbers. As…

FATCA, Tax Avoidance, Tax Fraud, Uncategorized, Withholding Taxes

(Texas A&M University Law)/ /10 Comments

I was recently asked to analyze the often quoted figure of $150 billion lost by the U.S. Treasury to foreign non-tax compliance by U.S. taxpayers.  My transcribed remarks are below.  Also, see William Byrnes’ Guide to FATCA & CRS Compliance (Matthew Bender 5th ed., 2017) at pp. 30, 33-34, 50, 59, 109-112, and 119-122. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2926119 How…

BEPS, FATCA, OECD, Tax Policy

(Temple Tax Chambers; King’s College London)/ /2 Comments

A thought-provoking and insightful series of papers on taxpayer rights have just been published in the latest edition of The Tax Lawyer,[1] published by the American Bar Association Section of Taxation. These papers were presented at the inaugural International Conference on Taxpayer rights held in Washington, DC in November 2015, initiated by Nina Olson, National…

FATCA, OECD, State Aid

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the world is full of black and grey hat tax administrations. The U.S. has the opportunity to leverage its power as the world’s safe (tax) haven for bi-lateral information exchange as a carrot – stick policy tool to clean them up, and move them to become white hat, best practices tax administrations.

FATCA

(Texas A&M University Law)/ /1 Comment

William Byrnes with Haydon Perryman This month we turn our attention to the recently revised 2016 W-8BEN-E form which has 30 parts over eight pages that can be catalogued into four sections. The IRS released its previous substantial update of the W-8BEN-E in February 2014 and in April 2016 its most recent revisionary updated form with accompanying…

FATCA, OECD

(Texas A&M University Law)/ /3 Comments

This month I will discuss the important topic for the anti-money laundering compliance officer, wherein the AML systems overlap with the requirement for tax compliance, and that tax compliance requirement requires tax self certification from each customer of a financial institution. I will provide insight about five topics: The Panama Papers FATCA and its related…

FATCA, Tax Planning

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The IRS issued Notice 16-08 announcing that it will extend timelines or modify four elements of FATCA –  (1) modify the date for submitting to the IRS the preexisting account certifications required of certain foreign financial institutions (FFIs); (2) specify the period and date for submitting to the IRS the periodic certification of compliance for a registered deemed…

FATCA

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This month, Haydon Perryman and I review the change over the past year, and the immediate previous three months, for FATCA financial institution registrations.  The November 1, 2015 GIIN list contains 177,147 registrations from 226 countries and jurisdictions. Of these November 2015 registrations 84 percent were from Model 1 IGAs that had been either signed or…

FATCA

(Texas A&M University Law)/ /3 Comments

William Byrnes and Haydon Perryman FATCA FFI GIIN List Monthly Update The IRS released the sixteenth FATCA GIIN list of foreign financial institutions (FFIs) that have registered with the IRS through its FATCA portal.  The IRS provides these FFIs a Global Intermediary Identification Number (GIIN).  The FFI may then use its unique 19 digit GIIN to…

FATCA

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On 18 September 2015 the US Treasury issued Notice 2015-66 which announced that the it intends to amend the regulations under chapter 4 (sections 1471-1474) to extend the period of time that certain transitional rules will apply.  Specifically, the amendments will extend: (1) the date upon which withholding on gross proceeds and foreign passthru payments…