Author: Created: 11/27/2011 3:44 PM RssIcon
This blog is about collecting, analysing and discussing new legal information or requests in the QI, FATCA, EU Savings and Rubik tax reporting fields.
By plang on 1/25/2012 9:16 PM
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The IRS published a new form (Form 8938) end of 2011 that needs to be filled out by certain US taxpayers owning foreign financial assets.

Rules are different for US taxpayers living in the US or abroad. The thresholds depend on the marital status and the place of living. A single taxpayer living in the US has to declare foreign financial assets exceeding 50’000$ at the end of the year or 75’000 at any time during the tax year. Thresholds are 100’000 and 150’000$ for married taxpayers living in the US and filing jointly. For taxpayers living abroad, they are at 200’000$ and 300’000$ for a single taxpayer and 400’000$ and 600’000$ for married taxpayers filing jointly.

Some assets may be excluded if already reported on other forms. However, the FBAR (TD F 90-22.1) form still needs to be completed. For more details,...
By plang on 1/16/2012 9:44 PM
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There is nothing new in the FATCA area for FFIs. IRS hasn’t yet published the promised consolidated guidance for the application of the FATCA regulation. More details about the implementation passthru payment method and in and out of scope funds are awaited impatiently by the financial sector. In the meantime, IRS delivered at the end of 2011 the new form 8938 to be filled out by US taxpayers with foreign assets.

Rien de neuf sur le front de la FATCA pour les FFIs. L’IRS n’a toujours pas publié les informations prévues pour la fin 2011 à propos des règles d’application consolidées de la législation FATCA. Les modalités d’application de la méthode du passthru payment ainsi que des précisions sur les fonds soumis ou exclus sont notamment attendues avec impatience par le secteur financier. L’IRS a par contre publié en fin d’année le nouveau formulaire 8938 à remplir par les contribuables US qui ont des avoirs à l’étranger.

By plang on 1/16/2012 9:20 PM
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The tax agreement for a relieving tax at source between Germany and Switzerland caused negative reactions in Germany. It must be ratified by the Bundesrat where the opposition parties are the majority. Discussions are currently ongoing between the German government and four Länder to define a list of amendments which should be submitted to Switzerland.

The German minister of finance has currently excluded a deep renegotiation of the agreement but mentions some details modifications. So far, Switzerland didn’t confirm it was ready to open new negotiations.

Things look better for the ratification of the agreement with the United Kingdom where no real opposition has appeared.

Both countries still need to deal with the EU authorities which are not in favour of those agreements.

The following weeks will be crucial for the success of the agreement.

L’accord fiscal, concernant l’introduction d’un impôt libératoire, signé entre l’Allemagne et la Suisse...
By plang on 12/1/2011 7:09 PM

The directive 2003/48/CE, foresees a revision every three years.

On September 15, 2008, a first report from the Commission was published on its economic effects and suggested a series of improvements.

Since 2008, many drafts and compromise texts were presented but the revision is blocked at the European Council level by Austria, Luxembourg and Italy.

The solutions to move forward are now:

  • Separate the extension of the savings tax directive (BO, definition of interests) from the end of the transitional period (Austria, Luxembourg)
  • Add anti-evasion penalties (Italy)
  • Ensure that 35% tax will be applied despite Rubik

EU authorities are still hoping to get an agreement before end 2011 for an application in 2014 and will publish a report on the validity of the bilateral agreements signed by Germany and United Kingdom with Switzerland.

By plang on 12/1/2011 6:19 PM

Switzerland has reached agreements with Germany and the United Kingdom regarding:

  • The tax regularisation of relevant assets held in Switzerland by or for relevant persons
  • The effective taxation of the income and gains on relevant assets held in Switzerland by or for relevant persons and measures to safeguard the Agreement’s purpose

The contracting states shall now enact and implement all necessary measures to give effect to the terms of this Agreement.

The agreements are planned to enter into force on January 1, 2013.

By plang on 12/1/2011 3:46 PM
The timeline for final guidance has been defined in Notice 2011-53.

Treasury and the IRS plan to issue aggregated proposed regulations including guidance provided in Notice 2010-60, 2011-342011-53 and additional information on implementing Chapter 4 by December 31, 2011.

After consideration of comments, Treasury and the IRS should publish final regulations in the summer of 2012.

Draft versions followed by final versions of the associated FFI Agreement and reporting forms should also be available...
FATCA - Formulaire 8966 pour 2015
Belgique - Nouvelle taxation des plus-values
FATCA - Opening of the Registration Website
FATCA - Draft version of form 8966
FATCA – Six-Month Extension for FATCA Withholding
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