The US Treasury has finally laid bare the mechanics behind the “Model 2” intergovernmental agreement (IGA), which countries including Switzerland and Japan have signed on the US Foreign Account Tax Compliance Act (FATCA). Whereas the original “Model 1” IGA requires a “FATCA Partner” government to collect information from Foreign Financial Institutions (FFIs) located within their jurisdiction and to report this […]

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With over 50 jurisdictions having either signed intergovernmental agreements (IGAs), or, at least, are openly exploring the option to do so, China and Hong Kong have remained conspicuously “mum” on the matter—for now. “I would suspect an increasing number of jurisdictions are looking to sign IGAs given the clarity it will provide local financial institutes when they are stuck between […]

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A joint press release from Singapore’s Ministry of Finance and Monetary Authority of Singapore sent out after market hours confirmed the Singapore government is in talks with the US Department of the Treasury to make final changes to an intergovernmental agreement (IGA) on Foreign Account Tax Compliance Act (FATCA). According to the release, this is “in line with Singapore’s role […]

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