Transcription of FATCA – The Foreign Account Tax Compliance Act
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FATCA – The Foreign Account Tax Compliance Act
FATCA The Foreign Account Tax Compliance ActJuly 2012 July 2012 Table of Diligence73 Withholding You Need to Take Away From This Session Increase your understanding of FATCA regulation and policy changes. The principles of FATCAThe principles of FATCA The four pillars of FATCA Classification Due Diligence Due Diligence Withholding ReportingWh i it d? Who is impacted?11. ClassificationObjective of FATCA FATCA s objective is to uncover US tax evaders who invest directly in off-shore accounts or indirectly through ownership of Foreign entities To reach this goal, FATCA will require Foreign financial institutions (FFIs) to provide information to the IRS on US accounts. In addition, passive non-financial Foreign entities (NFFEs) will be required to provide information on substantial US owners to withholding agents To enforce Compliance , a 30% withholding tax will be imposed on certain payments made to FFIs and NFFEs th t f il tk thi d di lthat fail to make the required disclosuresFFIsUSFIsDDiliWithh ldiRtiUSFIsDue Dili
Objective of FATCA FATCA’s objective is to uncover US tax evaders who invest directly in off-shore accounts or indirectly through ownership of foreign entities
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