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FATCA as a Global Model

When the Foreign Account Tax Compliance Act (FATCA) was enacted in 2010, there was some question as to how it would be received internationally and whether tax compliance and information reporting initiatives would gain traction globally. Although the o
August 14, 2013

When the Foreign Account Tax Compliance Act (FATCA) was enacted in 2010, there was some question as to how it would be received internationally and whether tax compliance and information reporting initiatives would gain traction globally. Although the operative provisions of FATCA are not yet in effect, the law has had significant international influence in shaping global tax reporting and information-sharing regimes.

From a U.S. perspective, multiple countries have signed intergovernmental agreements (IGAs) that provide for information reporting based on FATCA compliance requirements. IGAs have already been signed with Japan, Germany, Spain, Switzerland, Ireland, Mexico, Denmark, and the UK, and negotiations for IGAs are in process with numerous other countries.

From an international perspective, the EU has contemplated EU-wide information-sharing legislation, and some countries are considering how best to address reporting and sharing of tax information under their local laws. These international developments have been occurring rapidly and have been widespread, suggesting that FATCA has had almost a cascading impact around the world.

Practitioners from BNY Mellon have published a summary of FATCA-related and FATCA-influenced legislation in Europe, which can be found here.

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