December 16, 2013

FATCA: IRS Releases Draft of FFI Agreement and Regulatory Updates

Summary: The US Internal Revenue Service (IRS) has issued further guidance on the Foreign Account Tax Compliance Act (FATCA) in the form of Notice 2013-69 (the Notice). FATCA is designed to police offshore investments, accounts and trust interests held by certain US persons. FATCA generally aims to achieve this objective by, among other things, requiring certain foreign financial institutions (FFIs) to comply with the terms of a so-called FFI Agreement with the IRS pursuant to which FFIs must report information about their so-called US accounts. The Notice provides a long-awaited draft of the FFI Agreement and also describes certain forthcoming FATCA-related changes to the Treasury Regulations.

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