Registering as a financial institution via IRS FATCA portal and the role of the responsible officer
The Foreign Account Tax Compliance Act (FATCA) regulations remain on track to become effective from 1 July 2014. To assist in your preparations, Ogier has compiled the most frequently asked question received in recent weeks.
‘When do I have to register?’ In a jurisdiction that has signed a Model 1 intergovernmental agreement (IGA) with the US, such as Cayman, any entity that has classified itself as a financial institution (FI) has until 31 December 2014 to register through the Internal Revenue Service (IRS) FATCA portal. If your Cayman company, partnership or trust is not classified as an FI, then you do not need to register at all. In fact, there are some classes of FI that do not need to register and it is recommended that you take specific advice to determine the appropriate classification for your entity.
‘Where do I go to/how do I register?’ Registration is ideally an online process and should be performed through the IRS FATCA portal. You will find the portal at the following internet address…
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These two cases are helpful in terms of how the court sees the inter-relationship between the new article 47 test for mistake and the pre-existing provision of the TJL at article 11.
On 24 November 2014 Guernsey’s Legislation Select Committee passed the Companies (Guernsey) Law, 2008 (Amendment) Ordinance, 2014 with immediateeffect.