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Big brother is extending his arms all over the world.
Soon there will be no place to hide.
The governments of the world are making sure that everyone comes clean. They have done that by initiating an international data exchange.
What are the bottom line? It is all about the money, nothing more, tax revenue.
Country after country are lining up to sign treaties, some because of political pressure and others, well they just want share or portion of the pie.
The International Data Exchange – Through SCHEMA
Intergovernmental FATCA XML Schema:
The IRS has finalized the format for automatically exchanging FATCA data with IGA jurisdictions.
The Intergovernmental FATCA XML Schema (version 1.1):
- Is a standard format developed in close cooperation with the OECD
- Captures required information for reporting of FATCA data from both Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs)
- Will be used for automatic exchange with all FATCA jurisdictions
- Uses elements from existing reporting schemas used by the OECD and the European Union to reduce burden on reporting entities
- Uses XML to allow for easier modifications down the road in the event of legislative or regulatory changes in reporting rules
- Will facilitate safe and secure electronic data transmission using the International Data Exchange Service
International Data Exchange Service:
The IRS is finalizing requirements for a Data Exchange service to allow for Financial Institutions (FIs) and Host Country Tax Administrations (HCTAs) to automatically exchange FATCA data with the United States.
The Service will also allow the United States to make reciprocal exchanges where called for by an IGA that is in force.
The International Data Exchange Service:
- Is based on business requirements collected by a multilateral working group
- Serves as a single point of FATCA information delivery for both FIs and HCTAs
- May be used for automatic exchange with all FATCA jurisdictions
- Is based on readily-available mature technology
- Requires both the file being sent (in the Intergovernmental FATCA XML Schema) and the transmission pathway to be encrypted, ensuring the security of tax data
- Can be accessed either through a Browser-Based or a Scheduled Bulk Data Transfer environment.
We would urge all individuals or financial institutions to make sure they comply with the worldwide standards that will now be practiced by almost all countries.
If you have any questions and would like to speak directly to a tax attorney or tax lawyer under attorney-client privilege. please feel free to call us today.
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SCHEMA *FATCA/FBAR – International Date Exchange * Attorneys, Lawyers – International Representation
