ICI and ICI Global Webinar on FATCA and the Impact of the Model Intergovernmental Agreement

ICI and ICI Global hosted a webinar on August 20, 2012 on the Foreign Account Tax Compliance Act (FATCA) and the model intergovernmental agreement (IGA) released by the U.S. Treasury Department. Senior Treasury Department officials were invited to provide their insights. Panelists discussed key features of the model, important changes from the proposed FATCA regulations, prospects for a second model and further changes to the regulations, timing issues for business, implementing legislation that must be enacted in other jurisdictions, and the effort by the Organization for Economic Cooperation and Development (OECD) to develop common systems for implementing FATCA and improving tax compliance.

MATERIALS

• Webinar slides (pdf)

HIGHLIGHTS

The webinar focused on:

• the significance of the IGAs for the financial services industry;
• the process by which the IGAs will be implemented and become effective;
• the prospects for further changes to the IGAs and FATCA’s regulatory regime; and
• the briefing session announced by the OECD for September.

Speakers included:

• Manal Corwin, Deputy Assistant Secretary (International Tax Affairs), U.S. Department of the Treasury (invited)
• Michael Plowgian, Attorney-Adviser, Office of International Tax Counsel, U.S. Department of the Treasury (invited)
• Mary Bennett, Partner, Baker & McKenzie
• Rebecca A. English, Associate Tax Counsel, T. Rowe Price
• Grace Perez-Navarro, Deputy Director, Center for Tax Policy and Administration, Organization for Economic Cooperation and Development
• Keith Lawson, Senior Counsel, Tax Law, Investment Company Institute and ICI Global (Moderator)