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Comparison between the proposed and the final regulations - 31/01/2013


The U.S. Treasury Department and the IRS received numerous comments in response to the proposed regulations and used them in developing the final regulations. The attached document highlights many of the changes that occurred between the proposed regulations that were released on 15 February 2012 and the final regulations that were released on Thursday, 17 January 2013.

The final regulations provide taxpayers and other affected stakeholders with a clearer picture of how FATCA will apply to affected transactions. Furthermore, financial institutions will be able to institute FATCA compliance measures with greater certainty.

The final regulations amend certain provisions of the proposed regulations to take into account existing and anticipated IGAs between the U.S. and foreign governments. Among other changes, the definition of an FFI has been modified to more closely mirror the FFI definition in the IGAs, and the scope of deemed-compliant FFIs has been expanded. Although the issuance of the final regulations affords tax compliance professionals with additional clarity, the implementation of FATCA will remain a significant challenge.

Luxembourg entities including investment funds should benefit from an Intergovernmental Agreement (“ IGA”) to be negotiated with the United States shortly.

If you have any queries regarding the above, please do not hesitate to contact us.

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