October 12, 2010: World Tax Service (WTS)
World Tax Service (WTS), submitted comments to the Department of the Treasury and to the Internal Revenue Service (IRS) in response to Notice 2010-60.
The comments submitted by WTS focused specifically on the exemptions for foreign pension and retirement funds. Under Notice 2010-60, foreign retirement funds need to meet three specific requirements to be exempt from certain aspects of FATCA. WTS requested that Treasury eliminate the requirement that the plan be sponsored by a foreign employer, noting that many non-U.S. plans are sponsored by organizations other than the employer. Additionally, WTS requested that foreign retirement funds be considered as posing a low risk of tax evasion, thus exempting them from treatment as FFIs or NFFEs.
A copy of the letter, as originally published by Tax Analysts, is attached.
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