London, United Kingdom, October 25, 2014 --(PR.com
)-- Claire Mulhern, who coordinated the drafting and publication of the Crown Dependency Guidance Notes on FATCA (Foreign Account Tax Compliance Act), has joined the SMP Partners Group, the Russell Bedford member firm on the Isle of Man.
Claire will manage the SMP Group’s FATCA implementation project and work closely with colleagues to ensure compliance with international information exchange agreements.
FATCA, which came into operation in July, is the United States’ legislation intended to strengthen cross-border information reporting and compliance with the aim of detecting and deterring the evasion of US tax. It impacts on the financial services sector and other entities inside as well as outside the US.
The UK equivalent, Automatic Exchange of Information (AEOI), also came into force in July and is applicable to UK territories including the British Virgin Islands, BVI, Cayman, Jersey, Guernsey and the Isle of Man. The introduction of the Common Reporting Standard regime, which closely follows FATCA, is also on the horizon.
The legislation, regulation and guidance for US and UK information exchange regimes can be complex, especially as understanding of practical implementation develops, making access to expertise in this field vital.
Claire returned to the Isle of Man in 2005 to join the Income Tax Division of Treasury as a Central Services Manager. She moved into a Technical Manager role in both the Policy area and in the Core area of the Division before being promoted to International Co-operation Officer with particular responsibility for the automatic exchange of information and FATCA.
She was involved in the later stages of the negotiations with both the UK and US in concluding the Intergovernmental Agreements (IGAs) signed in 2013, and also coordinated the drafting and publication of the Crown Dependency Guidance Notes on FATCA, issued jointly by the Isle of Man, Jersey and Guernsey.
Claire has also taken part in numerous presentations and seminars regarding FATCA during the last year and is well regarded within the financial services industry on and off the Island for her knowledge in this area.
She said: "I am very pleased and excited to join SMP Partners and take responsibility for managing its FATCA implementation project. It is an opportunity to put into practice all of the knowledge that I gained through my work in the Income Tax Division regarding FATCA and I am looking forward to the challenge."