INTERNATIONAL TAX PLAZA - German Ministry of Finance published a draft Anwendungsschreiben regarding the FATCA Agreement as concluded between Germany and the U.S.

(July 2, 2015)

The German Ministry of Finance published an announcement on its website by which it informs the public that on June 26, 2015 it has sent a draft Anwendungsschreiben (letter of implementation) regarding the FATCA Agreement as concluded between Germany and the U.S. for consultation to certain associations. According to the announcement these associations have until July 17, 2015 to provide their input with respect to this draft Anwendungsschreiben. Next to the announcement the German Ministry of Finance also published the draft Anwendungsschreiben (in the German language) on it website.

The draft Anwendungsschreiben a.o. discusses the following subjects:

· Scope

· Financial Institutions

· Financial Accounts

· Account holders

· Reportable account holders

· Due diligence

· Reporting

· Transitional regime applying to the reporting obligation with respect to payments made to Nonparticipating Financial Institution (NPFFI) for 2014 and 2015

· Application of Article 7 of the FATCA Agreement (More Favorable Terms)

Click here to be forwarded to the text of the draft Anwendungsschreiben as published on the website of the German Ministry of Finance.

(We apologize for any translation mistakes made)

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