Revised Timeline and Other Guidance Regarding the Implementation of
FATCA
Notice 2013-43
I. PURPOSE
This notice provides: (i) revised timelines for implementation of the
requirements of sections 1471 through 1474 of the Internal Revenue Code
(Code), commonly referred to as the Foreign Account Tax Compliance Act, or
FATCA; and (ii) additional guidance concerning the treatment of financial
institutions located in jurisdictions that have signed intergovernmental
agreements for the implementation of FATCA (IGAs) but have not yet brought
those IGAs into force. The Department of the Treasury (Treasury) and the
Internal Revenue Service (IRS) intend to amend the regulations under sections
1471 through 1474 to adopt these rules. Prior to the issuance of those
amendments, taxpayers may rely on the provisions of this notice regarding
expected amendments to the regulations.
II. BACKGROUND
A. FATCA Regulations
On March 18, 2010, the Hiring Incentives to Restore Employment Act of
2010, Pub. L. 111-147 (H.R. 2847), added chapter 4 (sections 1471 through
1474) to Subtitle A of the Code. Chapter 4 requires withholding agents to
withhold 30 percent of certain payments to a foreign financial institution (FFI)
unless the FFI has entered into an agreement (FFI agreement) with the IRS to,
among other things, report certain information with respect to U.S. accounts.
Chapter 4 also imposes on withholding agents certain withholding, 2
documentation, and reporting requirements with respect to certain payments
made to certain non-financial foreign entities (NFFEs).
On February 15, 2012, Treasury and the IRS published proposed
regulations under chapter 4 in the Federal Register (REG-121647-10, 77 Fed.
Reg. 9022) (proposed regulations). On January 17, 2013, Treasury and the IRS
published final regulations under chapter 4 (TD 9610, 78 Fed. Reg. 5873) (final
regulations). The final regulations provided for a phased implementation of the
requirements of FATCA, beginning on January 1, 2014, and continuing through
2017. In particular, the final regulations provided that withholding agents
(including participating FFIs (PFFIs), qualified intermediaries (QIs) that assume
withholding responsibility, withholding foreign partnerships (WPs), and
withholding foreign trusts (WTs)) would be required to begin withholding with
respect to withholdable payments made after December 31, 2013 (with an
exception for “grandfathered obligations” outstanding on January 1, 2014, and
associated collateral). Due diligence for documenting payees and account
holders by U.S. withholding agents and PFFIs would be phased in during 2014
and 2015. Annual reporting by PFFIs would be phased in starting in 2015 (with
respect to information related to the 2013 and 2014 calendar years), with
reporting of the full scope of FATCA information required beginning in 2017.
B. Model IGAs
On July 26, 2012, Treasury released a model (Model 1) for bilateral
agreements with other jurisdictions (in both reciprocal and nonreciprocal
versions) under which FFIs (reporting Model 1 FFIs) would satisfy their chapter 4 3
requirements by reporting information about U.S. accounts to their respective tax
authorities, followed by the automatic exchange of that information on a
government-to-government basis with the United States. On November 14,
2012, Treasury released a second model agreement (Model 2), under which FFIs
(reporting Model 2 FFIs) would report specified information directly to the IRS in
a manner consistent with the final regulations, supplemented by government-togovernment exchange of information on request. Treasury has concluded a
number of bilateral IGAs based on the model agreements (Model 1 IGAs and
Model 2 IGAs, respectively). Treasury has periodically updated the model IGAs
since their initial release, including an update to both model IGAs on May 9,
2013, to incorporate certain modifications arrived at through intergovernmental
discussions, as well as modifications to the due diligence procedures to reflect
improvements adopted in the final regulations following the initial release of the
model IGAs.
The model IGAs outline time frames for FFIs in jurisdictions with IGAs in
force (partner jurisdictions) to complete the necessary due diligence to identify
U.S. accounts and to perform reporting on U.S. accounts that are identified. The
timelines and other provisions contained in the model IGAs interact with the final
regulations in various ways. The model IGAs, and all IGAs that have been
concluded to date, contain a provision, colloquially referred to as the “mostfavored nation” provision, providing that, with respect to certain terms of the IGA,
including the due diligence rules applicable to reporting Model 1 FFIs and
reporting Model 2 FFIs, a partner jurisdiction is entitled to the benefit of any more
한국 및 미국 변호사 이재욱이 대리해주는 미국이민 대리서비스입니다 이민신청과 관련한 일체의 비자, 영주권, 시민권에 대해 한국에서 직접 서비스해드립니다.
목차
- 가족이민 (7)
- 결혼이민 (14)
- 미국 이민법 (16)
- 미국이민 Handbood (1)
- 미국이민개요 (5)
- 미국이민심사기준 (1)
- 배우자 (2)
- 시민권 (2)
- 영주권 (5)
- 이민심판소 심판절차 (2)
- 이중국적 (1)
- 입국금지사유 (5)
- 추방사유 (4)
- 취업이민 (1)
- 한국인을 위한 미국 이민법의 이해 (10)
- BIA (2)
- DHS 공고문 (3)
- FATCA (2)
- removal(추방) (5)
- U.S. Visa (2)
2013년 8월 11일 일요일
Foreign Account Tax Compliance Act (FATCA)
FATCA was enacted in 2010 by Congress to target non-compliance by U.S. taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. Here you will find links to many documents related to FATCA and its implementation.
For access to the regulations and administrative guidance related to FATCA and to learn about taxpayer obligations please visit the Internal Revenue Service FATCA Page at:http://www.irs.gov/businesses/corporations/article/0,,id=236667,00.html.
Model Intergovernmental Agreements (Model Agreements)
Following the enactment of FATCA, Treasury published the Model Intergovernmental Agreement to Improve Tax Compliance and to Implement FATCA. Use the links here to find the current version of the agreement you need.
- Reciprocal Model 1A Agreement, Preexisting TIEA or DTC
(Updated 7-12-2013) - Nonreciprocal Model 1B Agreement, Preexisting TIEA or DTC
(Updated 7-12-2013) - Nonreciprocal Model 1B Agreement, No TIEA or DTC (Updated 7-12-2013)
- Model 2 Agreement, Preexisting TIEA or DTC (Updated 7-12-2013)
- Model 2 Agreement, No TIEA or DTC (Updated 7-12-2013)
- Annex I to Model 1 Agreement (Updated 7-12-2013)
- Annex I to Model 2 Agreement (Updated 7-12-2013)
- Annex II to Model 1 Agreement (Updated 7-12-2013)
- Annex II to Model 2 Agreement (Updated 7-12-2013)
Joint Statements and Signed Bilateral Agreements
- Statement between the US Department of the Treasury and the Authorities of Japan to Implement FATCA (6-11-2013)
- Bilateral Agreement between the US and Germany to Implement FATCA
(5-31-2013) - Bilateral Agreement between the US and Spain to Implement FATCA
(5-14-2013) - Bilateral Agreement between the US and Norway to Implement FATCA
(4-15-2013) - Bilateral Agreement between the US and Switzerland to Implement FATCA
(2-14-2013) - Bilateral Agreement between the US and Ireland to Implement FATCA
(1-23-2013) - Bilateral Agreement between the US and Mexico to Implement FATCA
(11-19-2012) - Bilateral Agreement between the US and Denmark to Implement FATCA
(11-19-2012) - Bilateral Agreement between the US and the UK to Implement FATCA
(9-12-2012) - Joint Communiqué on the Occasion of the Publication of the Model Agreement
(7-25-2012) - Joint Statement from the US and Japan (6-21-2012)
- Joint Statement from the US and Switzerland (6-21-2012)
- Joint Statement from the US, France, Germany, Italy, Spain and the UK
(2-7-2012)
Click here for a complete listing of joint statements and jurisdictions treated as having an intergovernmental agreement in effect.
Press Releases
- Treasury and IRS Issue Final Regulations to Combat Offshore Tax Evasion(1-17-2013)
- U.S. Engaging with More Than 50 Jurisdictions to Curtail Offshore Tax Evasion
(11-8-2012) - Treasury, United Kingdom Sign Bilateral Agreement to Improve Tax Compliance, Combat Offshore Tax Evasion and Implement FATCA
(9-14-2012) - Treasury and IRS Issue Proposed Regulations under FATCA to Improve Offshore Tax Compliance and Reduce Burden (2-8-2012)
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