The U.S. has not implemented Master File and Local File because the IRS says that, for now at least, it does not need Master and Local files as it already has enough information from taxpayers for its needs. That is the view of Robert Stack, Deputy Assistant Secretary (International Tax Affairs) at the U.S. Treasury, as he explained to Axel Threfall, Reuters Editor-at-Large, at the International Fiscal Association (IFA) 70th Annual Congress in Madrid on 28 September.
Stack said the U.S. already has many tax forms that provide a lot of information on companies investing into the U.S. Stack said it was the judgment of the IRS that, at least for now, the U.S. has the information it needs and does not need to double up with Master and Local files. He said this could change over time but will depend on how the IRS and U.S. Treasury view the quality of the information they receive and the future needs of the U.S
[LTN 190, 30/9/16]