U.S.A.: FATCA : IGAs in substance considered as agreements in effect for implementation
On 2 April 2014, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) announced that jurisdictions that have reached agreements in substance with the U.S.A. for the terms of Intergovernmental Agreements (IGAs) under FATCA can be treated as having agreements in effect until the end of 2014.
This announcement provides that the following 20 additional jurisdictions will be treated as having an IGA in effect, bringing the total number of such jurisdictions to 46:
- Model I IGA:
Australia, Belgium, Brazil, British Virgin Islands, Czech Republic, Gibraltar, Jamaica, Kosovo, Latvia, Liechtenstein, Lithuania, New Zealand, Poland, Portugal, Qatar, Romania, Slovenia, South Africa, South Korea. - Model II IGA:
Austria.
The above jurisdictions are as listed on the U.S. Treasury website.
As this treatment will be available to jurisdictions that reach agreement in substance before 1 July 2014 and that consent to having their agreement disclosed, the number of IGA partner countries can be expected to increase before FATCA implementation date.
We continue to monitor the implementation of FATCA and will provide more information as it becomes available.
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