Final FATCA regulations released
The U.S. Treasury Department and the IRS have released the final regulations on the Foreign Account Tax Compliance Act (FATCA): T.D.9610. From January 2013, FATCA requires U.S. and foreign financial institutions to annually identify and report their U.S. account holders. The initial assessment from the Deloitte's FATCA leadership team prior to releasing our final guidance and overview document along with an in-depth analysis of the regulations is available here.
Australia has started the process of negotiating an Inter-Governmental Agreement (IGA) on FATCA which will apply to all Australian financial institutions. The final FATCA regulations will apply to operations of Australian financial institutions in jurisdictions that do not enter into an IGA or an IGA is not signed before the effective start date for FATCA.
HMRC guidance for UK IGA
In mid-December 2012, the HMRC issued draft Regulations and Guidance Notes for Financial Institutions on the UK/U.S. IGA, together with its consultation response (see here). The guidance interprets a number of points for the UK IGA (in collaboration with the US), many of which will also be relevant for Australia's IGA.
Click here to read the key points of the draft guidance (Dec 2012).