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. Most of the world s major banks have entered into Qualified Intermediary (QI) agreements with the US Internal Revenue Service (IRS) since 2001 to identify US persons holding US securities and report their income coming from such US securities.
Impacts As was the case with the implementation of the QI regime, Luxembourg financial institutions will have to make enormous efforts to implement FATCA.
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