On February 8, 2012, the U.S. Treasury and the Internal Revenue Service (the IRS) issued proposed regulations on the implementation of the withholding and due diligence provisions of the Foreign Account Tax Compliance Act (FATCA). FATCA was enacted on March 18, 2010 as part of the Hiring Incentives to Restore Employment Act (the Hire Act). For more information on FATCA, please see our previous client alerts on FATCA, which are available here and here. The proposed regulations were accompanied by a joint statement from the governments of France, Germany, Italy, Spain, the United Kingdom and the United States regarding their intention to develop a governmental solution to FATCA compliance (the Joint Statement).
The proposed rulemaking is 389 pages long. An electronic version is available on the IRS website here. An electronic version of the Joint Statement is available on the Treasury website...
and links.
Please see full publication below for more information.