Trésorier/Treasurer magazine - N°85 - April/May/June 2014 - (Page 6)
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LE MAGAZINE DU TRESORIER / TREASURER MAGAZINE - N°85 - APR
/ MAY / JUN 2014
OECD Common
Reporting Standard:
A global FATCA-like
regime
6
In February 2014, the Organization for Economic
Co-operation and Development (OECD) released a new
single standard for automatic
exchange of information entitled Standard for Automatic
Exchange of Financial Account Information - Common
Reporting Standard.
The standard calls on jurisdictions to obtain information from their financial
institutions and automatically
exchange that information
with other jurisdictions on
an annual basis. It sets out a
minimum standard for the
information to be exchanged:
* Introduction, overview of
work and next steps.
* Competent Authority
Agreement (CAA) which
deals with
- Definitions
- Type of information to be
exchanged
- Time and manner of
exchange
- Confidentiality and data
safeguards to be respected
* Common Reporting Standard (CRS) contains the
reporting and due diligence
standard that underpins
the automatic exchange of
financial account information, and the scope of:
- Financial institutions
covers: custodians,
depository, investment
entities, insurance
companies, unless they
present a low risk of
being used for evading
tax and are excluded
from reporting
- Financial information
to be reported with
respect to reportable
accounts e.g., interest,
dividends, account balance, income from certain insurance products,
sales proceeds from
financial assets and
other income generated
with respect to assets
held in the account or
payments made with
respect to the account
- Reportable accounts:
accounts held by individuals and entities
(including trusts and
foundations) and look
through requirements
for passive entities
- Common due diligence
process institutions to
be followed by financial
institutions to identify
reportable accounts
Jurisdictions may choose to
exchange information beyond
the minimum standard set out
in this document.
This standard incorporates
the progress made within the
European Union, as well as
global anti-money laundering
standards, with the intergovernmental implementation
of the US Foreign Account
Tax Compliance Act (FATCA)
having acted as a catalyst for
the move towards automatic
exchange of information in a
multilateral context.
The standard has no direct
legal force; however, it is
expected that jurisdictions
will follow the model CAA and
CRS closely when implementing bilateral agreements.
FATCA - IRS released
Revenue Procedure
2014-13
In December 2013, the IRS
released Revenue Procedure
2014-13 (initially 2014-10),
which contains the final version of the Foreign Financial
Institution Agreement (FFIA).
The revenue procedure is
applicable to foreign financial
institutions (FFIs) entering
into FFI agreements with the
IRS to be treated as participating FFIs for FATCA purposes,
including Reporting FFIs in
Model 2 IGA countries (e.g.,
Switzerland and Japan). As a
reminder, Reporting FFIs in
Model 1 IGA countries are not
required to enter into FFIAs.
The revenue procedure includes additions, deletions,
corrections and clarifications
to the draft FFI agreement,
and notes that two sets of
temporary regulations are expected be issued in early 2014.
* Temporary FATCA regulations. One set of temporary
regulations will provide
clarifications and modifications to the final chapter 4
regulations.
* Temporary coordinating
regulations. The second set
of temporary regulations
will provide coordinating
rules under chapters 3
(Section 1441 reporting and
withholding on payments
to non-US persons), chapter 4 (FATCA), and chapter
61 (reporting and withholding on payments to US
persons).
The revenue procedure,
effective 1 January 2014, was
published in the I.R.B. on 13
January 2014.
FATCA -
last substantial rules
package issued
In February 2014, the US
Department of the Treasury
and International Revenue
Service (IRS) released the final
regulations necessary to implement the Foreign Account
Tax Compliance Act (FATCA)
aiming to make additions and
clarifications to previously
issued FATCA regulations
and provide guidance to
coordinate FATCA rules with
preexisting due diligence,
reporting, and withholding
requirements under other
provisions of the Internal
Revenue Code. The package
includes amendments and
clarifications in response to
comments received on the
final regulation.
FATCA contact :
Patrice Fritsch,
Directeur Associé
Christian Daws,
Directeur Associé,
EY Luxembourg
Table des matières de la publication Trésorier/Treasurer magazine - N°85 - April/May/June 2014
Couverture
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EDITORIAL
FINANCIAL HIGHLIGHTS Luxembourg Tax News
INTERVIEW L’impact du nouveau référenteil COSO sur les trésoriers
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