China is to negotiate an intergovernmental agreement with the US to implement FATCA

The US promulgated the Foreign Account Tax Compliance Act (“FATCA”) in March 2010, in order to strengthen the taxation over offshore investment (such as offshore financial assets and offshore accounts) by US persons. Following that, the Internal Revenue Service (“IRS”) of the US published the corresponding Final Regulation and a series of implement timing arrangements.

Under FATCA, the participating Foreign Financial Institutions (“FFIs”) are required to register with IRS and fulfill the following obligations:

For pre-existing […]

By |August 7th, 2013|

South Africa: Taxpayer’s Rights In Respect Of A Suspension Of Payment Of Tax

Any taxpayer who wishes to object to or appeal against an assessment issued by the South African Revenue Service (“SARS”) must be aware that their obligation to pay any tax under that assessment is not automatically suspended by virtue of the submission of the objection or appeal itself.  Any taxpayer who wishes for an objection or appeal to first be concluded before paying the tax due under an assessment would have to lodge a […]

By |August 2nd, 2013|

Use Of Data Protected By Bank Secrecy For The Purposes Of Tax Requirements – Brazilian Legislative And Case Law Scenario

The discussion on the possibility of breaking the bank secrecy has been giving rise to great controversy in Brazil and worldwide, in view of the rules that protect intimacy and privacy as well as the impact, many times negative, of the disclosure of financial transactions on the personal life of individuals and the competition among the companies.

The continued deadlock between the financial institutions that try to protect their clients’ interest and the pressure exerted […]

By |July 25th, 2013|