PricewaterhouseCoopers (PwC) has launched an intergovernmental agreement (IGA) monitor for organizations that are affected by the legislation to keep informed up-to-date with the release of IGAs.
The monitor will also identify some of the differences by providing firms with insights related to the effect of the IGAs on the FATCA program; a high-level overview of signed IGAs; and the latest intergovernmental developments.
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The IGAs will enact legislation or issue guidance on how foreign financial institutions (FFIs) can comply with the information reporting and withholding tax provisions commonly referred to as the FATCA regime, reported Businesslife.co.
The guidance will include information required to implement changes to various processes such as account opening, customer onboarding, customer due diligence, documentation, and tax reporting and withholding.
The IGA Monitor deals with the current state of play with FATCA and 50 countries/jurisdictions, in the following general status categories such as agreement signed and released; agreement signed or initialed but text not officially released; final negotiations underway; actively engaged in a dialogue; and working to explore options.
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