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Parliamentary questions
11 March 2013
E-001271/2013
Answer given by Mr Šemeta on behalf of the Commission

1. So far, the United Kingdom, Denmark, and Ireland have signed FATCA Model 1(1) intergovernmental agreements (IGAs) with the US, while Germany, Spain and Italy have initialled such IGAs. .

2. The US is negotiating with each Member State on a bilateral basis; the Commission is not involved in these negotiations nor is it coordinating them. .

3. A FATCA IGA may be amended by written mutual consent of the Parties; either Party may terminate the IGA by giving notice of termination in writing to the other Party. .

4. The reciprocity clause included in the Model 1 IGA commits the US to achieving ‘equivalent’ levels of reciprocal automatic information exchange with FATCA partners. .

5. See response to Question E-2760/12. .

6.  The Commission consulted the article 29 Data Protection Working Party (WP29) on FATCA and the Model IGAs. The opinions provided by the WP29 can be found on the Europa website(2). .

7. FATCA and the IGAs, as US initiatives, are not part of the recent Commission Action Plan(3) to strengthen the fight against tax fraud and tax evasion. However, the Model 1 IGAs are in line with one of the proposed actions i.e. promoting the automatic exchange of information as the future EU and international standard of transparency in tax matters. .

8.  No, that will not be the case. .

9.  The Commission has not conducted such an assessment but several EU businesses have done so(4). FATCA IGAs will also affect US businesses which will be required to act as withholding agents and also to report certain information about EU residents.

(1) The US has developed two Model IGAs as a basis for cooperation with other countries on FATCA. Model 1 provides a framework for reciprocal cooperation whereby financial institutions established in one of the contracting countries would report information to their own tax administrations, which would pass this information automatically to the tax authorities of the other country. Model 2 provides for direct reporting by financial institutions to the US and would not involve reciprocity on the US side.
(2) http://ec.europa.eu/justice/data-protection/article-29/documentation/other-document/files/2012/20120621_letter_to_taxud_fatca_en.pdf http://ec.europa.eu/justice/data-protection/article-29/documentation/other-document/files/2012/20121001_letter_to_taxud_fatca_en.pdf
(3) COM(2012) 722 final of 06/12/2012.
(4) See, for example, the KPMG report on ‘FATCA and the fund industry’ which is available at the following link:. http://www.kpmg.com/Ca/en/IssuesAndInsights/ArticlesPublications/Documents/fatca-and-the-funds-industry-defining-the-path.pdf

OJ C 361 E, 11/12/2013
Last updated: 14 March 2013Legal notice