USA - Costa Rica Agreement on FATCA LawThursday, December 12, 2013 The two countries have signed an intergovernmental agreement to improve international tax compliance under the FATCA law. From a statement by Deloitte: Company Profile
Central Law is a regional law firm in Central America and the Caribbean, with eleven offices in seven countries: Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama and Dominican Republic.
The distinctive characteristic of Central Law is multinational coordination that allows our clients to handle their businesses and legal issues for the seven countries in the region from One-contact point, at the office of their choice. Panama: Deadline for Sending FATCA Reports ExtendedWednesday, August 30, 2017 The Ministry of Economy and Finance has announced that financial institutions will have until September 8 to file the FATCA report. From a statement issued by the Ministry of Economy and Finance: After FATCA, Comes GATCAMonday, July 27, 2015 As the region gets ready to start complying with the US law FATCA, OECD countries are already working on a Single Global Standard for automatic exchange of information. FATCA could now be joined by the European OECD countries Single Global Standard for Automatic Clearing of CRS Information (Gatca), "... allowing tax information on their residents to be shared between them." Panama: FATCA First Report In a YearMonday, August 29, 2016 Panama will be sending the first report to the USA in September 2017, ad referendum of legislative approval of the agreements signed in this regard. From a statement issued by the Ministry of Economy and Finance (MEF): Deadlines Extended for Compliance with FATCA LawWednesday, May 14, 2014 An announcement has been made that transition to compliance by financial institutions with the conditions established by law will be carried over to the years 2014 and 2015. The Treasury Department of the United States, through the inland revenue service (IRS) has announced that it will take into account the "good faith" of financial institutions outside the United States who will have to make adaptations in order to comply with the law and will not issue penalties for delays between 2014 and 2015. Costa Rica to Comply with FATCA ActMonday, May 11, 2015 The Legislature has approved the bill which will allow compliance with the FATCA law by establishing the automatic exchange of information on taxpayers with the United States. From a statement issued by the Ministry of Finance in Costa Rica: Panama Ready to Send FATCA ReportsTuesday, August 8, 2017 Since August 8, the online tax tool for sending reports to the US tax administration has been available online. From a statement issued by the Ministry of Economy and Finance: Panama Signs Agreement to Implement FATCA LawWednesday, April 27, 2016 The agreement signed with the United States states that exchange of information will be done between the tax administrations. From a statement issued by the Ministry of Economy and Finance (MEF): Panama: Signing of FATCA Set for OctoberWednesday, October 1, 2014 Although it has not been defined yet which law enforcement model will be adopted in Panama, financial institutions can now register with the IRS directly. Foreign Financial Institutions have until January 1, 2015 to register with the Internal Revenue Service (IRS) of the United States directly. Alberto Diamond, Superintendent of Banks, said the agreement for the implementation of the law is scheduled to be signed in the month of October. Honduras Signs Agreement on FATCA Law with U.S.Tuesday, April 1, 2014 Movements in the bank accounts of U.S. citizens residing in Honduras will be reported to the Treasury Department of the United States. The Law on Foreign Account Tax Compliance (FATCA) is a U.S. law that requires citizens of that country, including those living abroad to provide information regarding money held in bank accounts outside the United States by requiring foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. customers. The U.S. Congress enacted this law to make it harder for U.S. taxpayers to hide assets and shell companies held abroad, in order to prevent tax evasion. Panama: FATCA 2018 ReportsWednesday, April 25, 2018 July 31st is the deadline for financial institutions to submit the corresponding reports for 2017. From a statement issued by the Ministry of Economy and Finance: Panama: FATCA Law Postponed Until 2016Wednesday, September 23, 2015 The beggining of the automatic exchange of information between financial institutions between USA and Panama has been postponed until September 30, 2016. From a statement issued by the Ministry of Economy and Finance: Panama Now has Agreement with U.S. Over FATCATuesday, June 17, 2014 451 Panamanian companies, among them banks, securities, trust companies and others have already registered for compliance with the standard. Although the U.S. Treasury Department recently announced the extension of the deadline for enactment of the FATCA law, countries are still signing agreements establishing the financial reporting on U.S. citizens who have bank accounts abroad. |
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