Today representatives from the governments of Guernsey, Jersey and the Isle of Man signed inter-governmental agreements with the United States in respect of the Foreign Account Tax Compliance Act.
Hot on the heels of signing IGAs with the United Kingdom less than 2 months ago, the newly signed IGAs with the US will further enhance the exchange of tax information between the Channel Islands, Isle of Man and the US while furthering the Channel Island's commitment to tax transparency, combating tax evasion and meeting international standards.
While the IGAs with the UK and US have come in quick succession,there is currently little guidance on how precisely the disclosure and reporting requirements under the FATCA regime will operate. This guidance is eagerly awaited by industry and expected soon.
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