The FATCA International Data Exchange Service (IDES) opens for testing from Monday, 1 June 2015 at 12:00 (UTC/GMT -4) to Monday, 8 June 2015 at 12:00 EDT. The test session will be open to users that have completed IDES enrollment by Thursday, 28 May 2015 at 17:00 EDT.
In order to complete the enrollment process, an IRS-issued GIIN, FIN or HCTA Entity ID, a username, and a valid certificate will be required. IDES does not accept wildcard certificates. The FATCA IDES Resources web page (Link) contains a list of recommended certificates authorities. Enrolled users will receive an email with a link to the IDES test server web application and SFTP. For further assistance with enrollment, the IDES Help Desk (Link) is available.
The Mexico-US intergovernmental agreement to implement FATCA requires financial institutions who are located or resident in Mexico such as a banks, asset managers, insurance businesses or fiduciaries (among others) to report financial information on certain accounts owned directly or indirectly by U.S. persons, to the Mexican Tax Authorities (Servicio de Administración Tributaria or SAT).
The filing deadline for the first of these reports was originally set at 31 May 2015, however, the Mexican Tax Authorities have this week announced on their website a revised deadline of 15 September 2015. This will shortly be published in the Official Gazette.
The first FATCA reports must now be submitted by 15 September 2015 and will include information such as:
Both entities and individuals will need to be reported. So, if you have any clients who are a) U.S. individuals; b) U.S. entities; or c) non-U.S. entities controlled by U.S. individuals or U.S. entities (“U.S. clients”), you will need to be ready to report by 15 September 2015.
On 30 April 2015, the Government of the Netherlands posted an English language translation of the Dutch FATCA Guidance with technical explanatory notes to the IGA between the Kingdom of the Netherlands and the United States (Link).
On 29 April 2015, the United States and Kuwait signed a Model 1B Intergovernmental Agreement (IGA) to improve International Tax Compliance with respect to the Foreign Account Tax Compliance Act and to combat international tax evasion (Link).
On 28 April, 2015, the Department of the Treasury and Internal Revenue Service announced in Notice 2015-10 (Link) their intention to issue regulations impacting claims for refund or credit of amounts withheld under Chapter 3 or 4 of the Internal Revenue Code. According to the Notice, the regulations will provide that an otherwise allowable claim for refund or credit will be available only to the extent that the withholding agent deposited the amount withheld. The regulations will also provide for a pro rata allocation of the amount available for refund or credit when a withholding agent has partially satisfied its deposit requirements. These regulations will apply to claims for refund or credit for amounts withheld with respect to calendar year 2015 and thereafter.
On 27 April 2015, the French Tax Authorities released a revised version (1.4) of the IT requirements for FATCA reporting (Link – French).
On 24 April 2015, the Financial Service and the Treasury Bureau issued the “Consultation Paper on Automatic Exchange of Financial Information in Tax Matters in Hong Kong” (Link), setting out the government’s thoughts on the legislative regime and operational framework of the Hong Kong AEoI model, and seeking views on a number of aspects concerning the model. Comments are to be submitted by 30 June 2015.