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OECD Completes FATCA-Like Regime With More Reporting Obligations

Tammy Whitehouse | October 30, 2014

Global companies that hold account balances have a new FATCA-like regime to contend with after the Organization for Economic Co-Operation and Development finalized a new method to govern information exchange among more than 50 countries.

Plowgian-michael-1014OECD is instituting the Common Reporting Standard as a huge step toward international tax cooperation and transparency, says Michael Plowgian, a principal in international tax for KPMG. While the United States is not a signing participant in the arrangement, subsidiaries or branches of U.S. entities will need to comply with the reporting requirements in the jurisdictions where authorities are signing on to the OECD plan, he says. “The fact that the U.S. has...

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