mAY 22, 2012 | having difficulty Viewing this email? view THE online version

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Tax-News.com carries topical headlines and features on international tax, legal, economics, business and investment issues.

 

 

 

Latest Tax-News Special Feature

 

Global Tax Topical Focus - FATCA Is Coming

The Foreign Account Tax Compliance Act is seen by some as a necessary tool to combat unacceptable tax avoidance by US citizens placing money in foreign bank accounts at a time when more 'patriotic' taxpayers are paying their fair share towards reducing the federal deficit, and by others as an unlawful incursion by the US government into the legal affairs of sovereign states and another nail in the coffin of individual privacy. Like it or not, however, FATCA, as it is more popularly known, is here to stay.

 

While FATCA may not have occupied the thoughts of the average US taxpayer over the past couple years - indeed, it is only likely to affect a relatively small percentage of the US population - the fact is that this far-reaching piece of legislation will have implications not only for US investors with interests abroad, but also for banks and other foreign financial institutions all over the globe which deal with US clients.

 

FATCA was enacted by the US in March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act and is intended to ensure that the US tax authorities obtain information on financial accounts held by US taxpayers, or by foreign entities in which US taxpayers hold a substantial ownership interest, at foreign financial institutions (FFIs). Failure by an FFI to disclose information would result in a requirement to withhold 30% tax on US-source income.

 

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Latest Tax News

 

Boehner Backs Anti-Saverin 'Ex-PATRIOT' Bill

In a television interview, the Speaker of the US House of Representatives John Boehner has surprisingly come out in favour of the bill introduced in the Senate which is aimed against those who renounce their United States citizenship to avoid paying taxes.
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Germany's Fiscal Court President Seeks Simpler Tax Law

The President of Germany's Federal Fiscal Court Rudolf Mellinghoff has called for a drastic simplification of the country's highly complicated tax law.
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Australia Releases Details Of Superfund Tax Relief Plans

The Australian government has released a proposals paper designed to support the implementation of its superannuation reform package and provide further details of planned tax reliefs.
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IRS Further Expands Its 'Fresh Start' Initiative

The United States Internal Revenue Service has announced another expansion of its 'Fresh Start' initiative by offering more flexible terms under its Offer in Compromise programme.
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Few US Small Businesses Claim Health Insurance Tax Credit

The United States Government Accountability Office has released a study showing that very few small businesses are taking advantage of the Small Employer Health Insurance Tax Credit, which was included in President Barack Obama's health care legislation.
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South Africa, Ireland Ink Film Tax Break Agreement

On May 20, 2012, the South African Minister of the Department of Arts and Culture Paul Mashatile and his Irish counterpart Jimmy Deenihan signed a co-production treaty that will provide access for filmmakers to opportunities and tax breaks in both countries.
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