More Trade News in Brief – Week 3 (14 – 20 January 2013)

* Hong Kong & Italy Signed DTA

 

14 January 2013, Hong Kong

 

Hong Kong & Italy signed a bilateral double taxation agreement (DTA).

 

Check here for more.

 

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* US – Spain Updated DTA

 

14 January 2013, Madrid

 

US and Spain signed a protocol modifying the existing agreement aimed at avoiding double taxation and preventing tax evasion.

 

Find more here.

 

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* Final FATCA Regulations

 

The United States Treasury Department and the Internal Revenue Service (IRS) issued comprehensive final regulations implementing the information reporting and withholding tax provisions for foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act (FATCA).

 

Follow the link for more details.

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* UN – World Economic Situation and Prospects 2013

 

The UN Department of Economic and Social Affairs (DESA) published the World Economic Situation and Prospects 2013.

 

Check here.

 

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US FATCA – Agreement Model 2

14 November 2012

 

The United States Treasury Department released a second model agreement on FATCA.

 

The second model agreement supplements direct reporting under FATCA by foreign financial institutions (FFIs) by adding the exchange of information between the respective governments, but only on request.

 

The Model Intergovernmental Agreement (Model 2) is available here:

Model 2 Agreement to Implement FATCA

 

Please find more details following the link.

 

US – FATCA Agreement

 

* US & UK Sign FATCA Agreement

 

 

US and UK announced the signing of a bilateral agreement to implement the information reporting and withholding tax provisions within the Foreign Account Tax Compliance Act (FATCA).

 

Kindly check here.

 

 

* US Intents to Extend FATCA to EU & Asia

 

US will send its Deputy Assistant Secretary for International Tax Affairs to EU and Asian countries to discuss the implementation of the Foreign Account Tax Compliance Act (FATCA). This action is part of the US Treasury Department strategy on the global efforts to combat offshore tax evasion.

 

More here.