The Resource New U.S. Regs. on reporting nonresident alien bank deposit interest

New U.S. Regs. on reporting nonresident alien bank deposit interest

Label
New U.S. Regs. on reporting nonresident alien bank deposit interest
Title
New U.S. Regs. on reporting nonresident alien bank deposit interest
Creator
Subject
Language
eng
Summary
Proposed Regulations (REG-146097-09, 7 January 2011) would require financial institutions in the United States to report to the U.S. government interest that they pay to nonresident aliens (2011 Proposed Regulations). The United States is in effect a major tax haven/financial secrecy jurisdiction because under present tax law it provides tax free treatment and de facto bank secrecy for nonresident aliens and foreign corporations and other foreign entities (Foreign Persons) investing in interest-bearing obligations of U.S. payors. Under current law, those U.S. payors do not provide the relevant information automatically to the U.S. government, so the United States cannot at present automatically exchange the relevant tax information with the country of residence of the Foreign Persons. The 2011 Proposed Regulations could be a first step toward the United States exchanging relevant tax information with the country of residence of nonresident aliens making investments in such interest-bearing obligations in the U.S
Citation source
In: Journal of international taxation. - New York. - Vol. 22 (2011),
http://library.link/vocab/creatorName
Spencer, D.E
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • banking
  • interest
  • exchange of information
  • non-resident alien
Label
New U.S. Regs. on reporting nonresident alien bank deposit interest
Instantiates
Publication
Label
New U.S. Regs. on reporting nonresident alien bank deposit interest
Publication

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