Tax & Legal

The tax authorities have now published the final Ministry of Finance circular answering questions in connection with the application of the exchange of financial information and the FATCA agreement. The draft versions of the circular had previously been released and these are now in a final version.

The finance ministry has finalised its decree on the regulations to be followed by reporting banks in accordance with the FATCA treaty of May 31, 2013.

The finance ministry has drafted a decree setting forth the administrative and other regulations to be followed by banks in fulfilment of their US FATCA obligations.

France, Germany, Italy, Spain, the UK and the USA have prepared a model bilateral treaty for the mutual exchange of information on bank accounts held by residents of the other country. Compliance with the treaty would absolve financial institutions from their own specific US reporting requirements under FATCA.