The US Foreign Account Tax Compliance Act of 2010 is a complex, international and constantly evolving law. Each week ACFCS provides its members and readers with ongoing coverage of the latest developments on FATCA. Here are three developments for the week of September 4, 2013 on the landmark law’s implementation and burgeoning global impact.
- The US Internal Revenue Service released four videos to assist financial institutions with FATCA registration. The videos are housed on the FATCA Registration Resources page of the IRS web site, where users of the Financial Institution Registration system, referred to by many as the “FATCA portal,” can also find the 75-page user guide for the system. The videos cover:
- Creating a FATCA account for online registration
- Logging into a FATCA account
- Recovering a FATCA ID or resetting a FATCA access code
- Common features and navigation of the registration system
- On August 27, 2013, the Organisation for Economic Co-Operation and Development (OECD) announced that China signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters. All of the G20 nations have now signed the Convention, which facilitates increased electronic exchange of information among participating countries.
- The HMRC (Her Majesty’s Revenue ad Customs) in the UK updated its webpage on FATCA to include the final International Tax Compliance Regulations that came into force on September 1.