A ‘notification of more favourable terms’ has been published by the US Treasury, which gives notice of changes to FATCA intergovernmental agreements (IGAs) that follow the model 1 IGA (for example, the British Virgin Islands IGA).
A ‘notification of more favourable terms’ has been published by the US Treasury, which gives notice of changes to FATCA intergovernmental agreements (IGAs) that follow the model 1 IGA (for example, the British Virgin Islands IGA). These apply to new accounts opened prior to the entry into force of the subject model 1 IGA, and to new entity accounts that have been opened on or after 1 July 2014 and before 1 January 2015. These IGAs will benefit from the favourable terms, unless the jurisdiction to which they apply decline the terms.
The notification also states that the US has already informed the relevant jurisdictions of these changes – under art 7 of the model 1 IGA, the US must notify its partner jurisdictions of any more favourable terms under art 4 or Annex I of the IGA afforded to another partner jurisdiction.
A ‘notification of more favourable terms’ has been published by the US Treasury, which gives notice of changes to FATCA intergovernmental agreements (IGAs) that follow the model 1 IGA (for example, the British Virgin Islands IGA).
A ‘notification of more favourable terms’ has been published by the US Treasury, which gives notice of changes to FATCA intergovernmental agreements (IGAs) that follow the model 1 IGA (for example, the British Virgin Islands IGA). These apply to new accounts opened prior to the entry into force of the subject model 1 IGA, and to new entity accounts that have been opened on or after 1 July 2014 and before 1 January 2015. These IGAs will benefit from the favourable terms, unless the jurisdiction to which they apply decline the terms.
The notification also states that the US has already informed the relevant jurisdictions of these changes – under art 7 of the model 1 IGA, the US must notify its partner jurisdictions of any more favourable terms under art 4 or Annex I of the IGA afforded to another partner jurisdiction.
