U.S.A.: FATCA : Proposed FFI Agreement for Participating FFI and Reporting Model 2 FFI released

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have published a notice detailing the proposed guidance for Participating Foreign Financial Investors (PFFIs) entering into agreements directly with the IRS and those reporting through a Model 2 intergovernmental agreement (IGA) under the Foreign Account Tax Compliance Act (FATCA).

The notice contains information about due diligence, withholding and other reporting requirements, including a draft agreement.

The draft FFI Agreement is expected to be finalised by 31 December 2013.

We continue to monitor the implementation of FATCA and will provide more information as it becomes available.

This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.