FATCA requires foreign financial institutions (FFIs) to report information to the IRS on the financial accounts of U.S. taxpayers or foreign companies in which U.S. taxpayers hold a significant stake. FFI are invited to either register directly with the IRS to comply with FATCA rules (and, if applicable, FFI agreements), or to comply with FATCA agreements (IGA), which are considered effective in their legal systems. Information on fatca rules and administrative guidelines for FATCA and information on taxpayer obligations can be found on the INTERNAL Revenue Service`s FATCA page. ALERT: Updated Withholding Foreign Partnership (WP) and Withholding Foreign Trust (WT) Agreements have been published and published on the FATCA website. The two updated agreements are presented in the 2014-47 PDF Income Procedure, which updates and replaces the WP and WT agreements, originally published as the 2003-64 income procedure, 2003-2 C.B 306. In accordance with the Taiwan Relations Act, the parties to the agreement are the American Institute in Taiwan and the Taipei Economic and Cultural Representative Office in the United States. Questions about implementing an IGA? Please include the name of the country and send a question here. Typical agreements for legal systems that obtained the bulk of an agreement on or before June 30, 2014: FATCA was passed in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. Following the adoption of FATCA, the Ministry of Finance released the government model to improve tax compliance and implement FATCA. For more information on model IGAs, autographed IGAs and IGA negotiating contact information, visit the Ministry of Finance`s FATCA IGA Resource Center.
The fatca website is regularly updated and answers FATCA`s questions, but no direct response is provided. You can ask a question here if you can`t find the information you need elsewhere. Scroll through the fatCA agreements and agreements table by jurisdiction to find a list of intergovernmental agreements and various additional statements about FATCA and their implementation. ..