Friday, December 19, 2014
US Automatic Exchange of Bank Information to 86 Foreign Countries in 2015
Rev. Proc. 2014-64: Update of Rev. Proc. 2012-24, Implementation of Nonresident Alien Deposit Interest Regulations
This revenue procedure lists the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of information pursuant to which the United States agrees to provide, as well as receive, information.
This revenue procedure also lists, in Section 4, the countries with which the Treasury Department and the IRS have determined that it is appropriate to have an automatic exchange relationship with respect to the information Sections 1.6049-4(b)(5) and 1.6049-8(a), as revised by TD 9584, require the reporting of certain deposit interest paid to nonresident alien individuals on or after January 1, 2013. Section 1.6049-4(b)(5) provides that in the case of interest aggregating $10 or more paid to a nonresident alien individual the payor is required to make an information return on Form 1042-S for the calendar year in which the interest is paid.
SECTION 3. COUNTRIES OF RESIDENCE WITH RESPECT TO WHICH THE REPORTING REQUIREMENT APPLIES
- Antigua & Barbuda
- Aruba
- Australia
- Austria
- Azerbaijan
- Bangladesh
- Barbados
- Belgium
- Bermuda
- Brazil
- British Virgin Islands
- Bulgaria
- Canada
- Cayman Islands
- China
- Colombia
- Costa Rica
- Croatia
- Curacao
- Cyprus
- Czech Republic
- Denmark
- Dominica
- Dominican Republic
- Egypt
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Grenada
- Guernsey
- Guyana
- Honduras
- Hong Kong
- Hungary
- Iceland
- India
- Indonesia
- Ireland
- Isle of Man
- Israel
- Italy
- Jamaica
- Japan
- Jersey
- Kazakhstan
- Korea (South)
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malta
- Marshall Islands
- Mauritius
- Mexico
- Monaco
- Morocco
- Netherlands
- Netherlands island territories: Bonaire, Saba, and St. Eustatius
- New Zealand
- Norway
- Pakistan
- Panama
- Peru
- Philippines
- Poland
- Portugal
- Romania
- Russian Federation
- Slovak Republic
- Slovenia
- South Africa
- Spain
- Sri Lanka
- St. Maarten (Dutch part)
- Sweden
- Switzerland
- Thailand
- Trinidad and Tobago
- Tunisia
- Turkey
- Ukraine
- United Kingdom
- Venezuela
SECTION 4. COUNTRIES WITH WHICH TREASURY AND THE IRS HAVE DETERMINED THAT AUTOMATIC EXCHANGE OF DEPOSIT INTEREST INFORMATION IS APPROPRIATE
- Australia
- Canada
- Denmark
- Finland
- France
- Germany
- Guernsey
- Ireland
- Isle of Man
- Italy
- Jersey
- Malta
- Mauritius
- Mexico
- Netherlands
- Norway
- Spain
- United Kingdom
https://lawprofessors.typepad.com/intfinlaw/2014/12/implementation-of-nonresident-alien-deposit-interest-regulations.html
