Transcription of FATCA compliance - EY
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FATCA compliance - EY
FATCA complianceA challenge for Luxembourg financial institutions By enacting FATCA , the US intends to initiate a worldwide exchange of information on US persons with the objective of preventing the use of non-US entities by US individuals to evade US taxes. FATCA rules, which become applicable in 2013, will impact the financial sector worldwide. For Luxembourg financial institutions, FATCA represents a major challenge, in terms of strategy as well as operational processes and WintgensTo fight against the avoidance of United States tax by US persons holding securities with non-US financial institutions, the foreign Account Tax compliance Act ( FATCA ) provisions were enacted on 18 March 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010.
Requirements FATCA represents a huge challenge for non-US financial institutions. Luxembourg entities will either be considered i) Foreign Financial Institutions (FFIs), ii) in scope Non-
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Controlled Foreign Companies Excluded Territories, Controlled Foreign Companies (Excluded Territories) Regulations, Personal Holding Companies, Controlled Foreign, Foreign Personal Holding Companies, Foreign, International Traffic in Arms Regulations, Companies, International Taxation – Overview of Key Concepts, Explanation of Combined Reporting, Instructions for Schedule O Form