Regulation / Law Item: FATCA - The US Foreign Account Tax Compliance Act
Generated on 2014/06/19 at 04:58:33 AM
Regulation / Law Item: FATCA - The US Foreign Account Tax Compliance Act
| Acronym or Abbreviation | FATCA | |||
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| Description (HTML) | Under the US Foreign Account Tax Compliance Act, non-US financial institutions, or foreign financial institutions (FFIs) as they are called in the legislation, will be required to report the tax liabilities of financial accounts held for the benefit of US persons (from a tax perspective) to the US Internal Revenue Service (IRS). To be FATCA compliant, you must also be aware of the FATCA compliance of the banks with which you do business.
FFIs that do not comply with FATCA will be subject to a 30% withholding tax on US sourced payments paid to the financial institution or its clients. Not only will non-compliance expose taxpayers to possible criminal and civil prosecution. but non-reporting banks also stand to lose their correspondent payment business based on the withholding provisions of FATCA on FFIs. The IRS believes 400,000 to 600,000 financial institutions will register as FFIs on its FATCA portal. |
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| Source Description | A-Team Group: Data Management Challenges of FATCA | |||
| Source URL | http://www.referencedatareview.com/system/files/public/tackling_the_data_management_challenges_of_fatca__0.pdf | |||
| Document | No document attached... | |||
| Item Quality Status (Item Quality Status) | Incomplete | |||
| Lifecycle - Exist Start Date | 2014-07-01 | |||
| Lifecycle - Exist End Date | UNKNOWN | |||
| Updated by | webea.09 | |||
| Updated on | 2014-05-06 15:41:59 | |||
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