Deloitte comments on Guernsey, Jersey, Isle of Man FATCA agreements
Islands’ governments announce plans to negotiate partnership agreements with US to implement FATCA
9 October 2012
Jo Huxtable, Deloitte tax partner, said:
“Today’s announcement is a clear public statement of the intention to comply with FATCA regulations through an Inter-Governmental Agreement. Many countries are likely to follow a similar path. For Guernsey, Jersey and the Isle of Man this represents an exciting development in that they have achieved this agreement by working together and ahead of many other larger jurisdictions.
“On a practical level, this statement of intention will be welcomed by businesses in Guernsey, Jersey and Isle of Man because it provides clarity. With the knowledge that the local agreements should closely follow the UK agreement in form, local organisations working towards FATCA compliance can now focus on the practical steps required to become compliant under an Inter-Governmental Agreement.
“At a government level, the next steps are for the islands to conclude their negotiations with the IRS and then for each island to implement the agreements into local law.”
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