Deloitte comments on release of FATCA guidance notes

20-12-2012 — /europawire.eu/ — HMRC has issued draft guidance notes on the UK FATCA Intergovernmental Agreement together with its response to the FATCA Consultation Document.

Chris Tragheim, tax partner at Deloitte, said:

“Financial services companies have been awaiting this draft guidance so that they can progress with their FATCA preparations.

“The next six months will be a critical period for organisations to tackle their FATCA obligations if they are to meet the compliance deadlines. In particular, the draft guidance has crystallised the breadth of organisations impacted by FATCA, including banks, brokers, insurers, funds, trust and corporate service providers, lawyers and clearing organisations. However, despite the additional information released today there are still unanswered questions, not least around the registration requirements, that continue to cause uncertainty.

“The draft guidance provides another important step in global information reporting. Governments believe it is an important to share information to combat cross border tax evasion, and more agreements will undoubtedly be signed.”

Ends

Note to editors

About FATCA
The US Foreign Account Tax Compliance Act (FATCA) will require foreign (non-US) financial institutions to identify their US account holders and annually report them to the US Internal Revenue Service along with details of the accounts held and any transactions made during the year.

In this press release references to Deloitte are references to Deloitte LLP, which is among the country’s leading professional services firms.

About Deloitte
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.

The information contained in this press release is correct at the time of going to press.

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David Gwyer
Deloitte LLP
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dgwyer@deloitte.co.uk