This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page



FATCAThe US Treasury Department and IRS recently released nearly 400 pages of proposed regulations that detail their plans to implement the Foreign Account Tax Compliance Act (FATCA), which becomes effective on 1 January 2013.

The proposed rules are intended to prevent US taxpayers who hold financial assets in non-US financial institutions and other offshore accounts from avoiding their tax payment obligations.

Under FATCA, certain US withholding agents, Foreign Financial Institutions (FFIs), and non-financial foreign entities are required to report information about offshore accounts and investments held by US taxpayers to the IRS annually.

These institutions include banks, insurance and real estate companies, hedge funds, mutual funds, and private equity firms. FFIs must enter into agreements with the IRS. If they fail to enter into such agreements to report US accounts, they will face a 30-percent withholding charge.

FATCA timeline


8 February 2012

The US Treasury Department and IRS recently released proposed regulations that detail their plans to implement the FATCA regime

17 September 2012

The UK Government announced that they were the first country to sign an agreement (model I) with the US to implement FATCA

24 October 2012

The IRS released Announcement 2012-42 delaying certain FATCA requirements

14 November 2012

The Treasury released a second Model Intergovernmental Agreement for Cooperation to Facilitate the Implementation of FATCA

15 November 2012

Denmark is the second country to sign an IGA (model I) with the US

19 November 2012

Mexico and the United States signed an IGA (model I)

18 December 2012

The UK Tax Authority (HMRC) has issued guidance notes and draft regulations implementing the IGA in the UK

21 December 2012

Ireland and the United States signed an IGA (model I)

31 December 2012

Qualified Intermediary and Other Withholding Agreements expiring on this date will be automatically extended until 31 December 2013


  • Pascal Eber
    Partner - Operations Excellence & Infrastructure Operations
  • Pascal Rapallino
    Partner - Private Wealth Services Leader
  • Pascal Noël
    Partner - Tax - International Tax-GFSI
  • Basil Sommerfeld
    Partner - Operations & Human Capital Leader
  • Alain Verberken
    Directeur - Tax - International Tax-GFSI

Focus on

  • ExternalURL
    Operational Tax News
    Our tax issues newsletter for financial sector companies
  • Hiring Incentives to Restore Employment (HIRE) Act
    FATCA will impose a 30% withholding tax on payments from the U.S. unless FFI enter into an agreement with the IRS to report all U.S. investors.
  • FATCA - Tax information reporting development
    For European insurers, 1 January 2013 is the date when the Solvency II regulatory regime is expected to take effect, as well as a new U.S. tax regime.

More Learn more

  • FATCA - 04/04/2014
    Luxembourg and the United States have signed on 28 March 2014 a Model I FATCA IGA and a MOU to improve international tax compliance between both jurisdictions.
  • Trust and Corporate services International conference
    Deloitte Luxembourg is pleased to invite you to its third annual Trust and Corporate Services International Conference. Trust & Corporate Services: a key sector for Luxembourg.
  • Announcement 2014-17 - 04/04/2014
    Announcement 2014-17. IGA signed by Honduras. Final version of Form W-8BEN E released.
  • FATCA - 31/03/2014
    Luxembourg and the United states signed an intergovernmental agreement (“IGA”) Model I. Luxembourg Reporting Model 1 FIs will transmit information to the Luxembourg Tax Authorities.



Stay connected:
Get connected
Share your comments
More on Deloitte Luxembourg
Learn about our site

Recently published