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Wendelstein GmbH | Annex I Of The Fatca Agreement
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Annex I Of The Fatca Agreement

Annex I Of The Fatca Agreement

*In accordance with the Taiwan Relations Act, the parties to the agreement are the American Institute of Taiwan and the Taipei Economic and Cultural Representative Office in the United States. FATCA requires foreign financial institutions (FFIs) to provide the IRS with information about financial accounts held by U.S. taxpayers or foreign companies in which U.S. taxpayers have a substantial stake. FFIs are encouraged either to register directly with the IRS to comply with fatca rules (and, where applicable, the FFI agreement) or to comply with FATCA intergovernmental agreements (IGAs) that are considered valid in their jurisdictions. To access fatca rules and administrative instructions related to FATCA and to learn more about taxpayers` obligations, please visit the Internal Revenue Department`s FATCA page. On 19 August 2020, the Dutch Ministry of Finance published the updated Annex ii to the Intergovernmental Agreement (“IGA”) between the Netherlands and the United States with regard to the Foreign Account Tax Compliance Act (FATCA). The updated Annex II of the IGA retroactively introduces the sponsorship regime and backdates. The sponsorship scheme is added by two new subsections `C` and `D` in Annex II, Section II (As Compliant Financial Institutions) of the IGA, in order to include additional undertakings as non-reporting Dutch financial institutions treated as compliant IFIF within the meaning of Section 1471 of the Internal Income Code. The U.S. government has gradually updated Schedule II of these GAs with the goal of adding the sponsorship regime and making it retroactive. It has always been expected that the sponsorship scheme will operate in the manner described above for other IGA model 1 jurisconsultations.

A number of Model 1 IGAs signed at an early stage did not have the Schedule II sponsorship regime (including the IGA in the United States), which has become an industry-wide multi-legal issue. Under the sponsorship scheme, it is provided that FIs may submit a single FATCA report under the GIIN of the sponsoring IF, while each sponsored IF is identified in each report. This “single report” approach does not exist in the Common Reporting Standard (CRS). Therefore, Dutch FIs may be required to submit separate reports under the CRS, while they submit a kind of “consolidated report” with other sponsors within the GIIN of FI sponsorship. After the adoption of FATCA, the Ministry of Finance published the model intergovernmental agreement to improve tax compliance and fatca implementation. . . .

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