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 3/27/2012 8:07 AM

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The protocol signed last week mentions that United Kingdom shall benefit from any increase of the one-off payment regularisation tax rate that Switzerland may agree on with Germany before the end of April 2012.

Le protocole signé la semaine dernière précise que le Royaume-Uni bénéficiera de toute augmentation du taux sur le paiement unique pour la régularisation du passé qui serait négociée avec l'Allemagne avant la fin avril 2012.

By plang on 3/20/2012 12:18 PM

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Switzerland and United Kingdom signed today an amendment to the tax agreement regarding the withholding tax at source (6th October 2011). The agreement needs to be approved by the parliament and should enter into force in 2013.

La Suisse et le Royaume-Uni ont signé aujourd'hui un amendement à l'accord sur l'imposition à la source du 6 octobre 2011. L'accord va maintenant être examiné par le parlement et devrait entrer en vigueur en 2013.

By plang on 2/17/2012 10:22 AM
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The IRS published a consolidated guidance regarding the implementation of FATCA and is waiting for comments before April 30, 2012.

Principal changes and additions to previous notices (2010-60, 2011-34, 2011-53) are the following:

1. The scope for Grandfathered Obligations has been expanded from March 18, 2012 to January 1, 2013.

2. Previous notices mentioned that all members of the same expanded affiliated group had to comply with the FFI status. A two-year transition has been granted (until January 1, 2016) for the full implementation of this requirement.

3. More Deemed-Compliant FFIs categories have been added.

4. The due diligence procedures for the identification of the accounts have been modified: tresholds have been put higher and there is a bigger focus to rely on electronic reviews and information gathered in the context of anti-money laundering/KYC rules.

5. Responsible FFI officers will be expected to...
By plang on 2/9/2012 10:18 PM

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The IRS has just issued a 400 pages proposed regulation for FATCA implementation. Further analysis will follow soon.

L'IRS vient de publier sa proposition de règlementation pour l'implémentation de FATCA. Analyse à suivre.

By plang on 1/31/2012 8:28 PM

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QI agreements expiring on December 31, 2012 will automatically be extended for qualifying FFIs until December 31, 2013 according to Notice 2011-53.

Those FFIs need to enter into an FFI agreement at the latest on December 31, 2013 to retain their QI status. An online registration portal should be available beginning 2013.

Selon la Notice 2011-53, les contrats QI qui arrivent à expiration au 31 décembre 2012 seront automatiquement prolongés jusqu’au 31 décembre 2013, et ce pour les FFI qui remplissent les conditions d’admission.

Ces FFIs doivent signer un contrat FFI au plus tard le 31 décembre 2013 pour garder leur statut QI. Un portail d’enregistrement en ligne devrait être disponible début 2013.

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
Version française ci-dessous

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.

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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