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The EU Perspective on FATCA

05/07/2019 ||By: eu_admin

Efforts to ensure tax compliance from foreign investments have increased substantially over the past decade. The Foreign Account Tax Compliance Act (FATCA) is a tax law obliging US citizens around the globe to file annual returns on their foreign holdings. FATCA was formed in 2010 as part of the HIRE Act aiming transparency in the […]

Why CFOs should care about FATCA

05/10/2018 ||By: Karthik Sathuragiri

The Foreign Account Tax Compliance Act (FATCA) was brought into law in 2010. Designed to increase tax compliance by U.S. taxpayers with funds held overseas, FATCA has had wide-ranging implications since its introduction. Not only does FATCA impact U.S. taxpayers on an individual level, the legislation also imposes requirements on a number of entities, from […]

9 things you should know about FATCA

05/02/2018 ||By: Charles A

The final version of Foreign Account Tax Compliance Act (FATCA) was released in January 2013 by US Department of the Treasury and Internal Revenue Service. Intended mainly to combat tax evasion in the country, FATCA brings many new regulatory and reporting standards to compliance. It’s no small thing to be ignored, as non-compliance could result […]

Will FATCA Now Align With CRS In The Wake of The Paradise Papers Scandal?

11/30/2017 ||By: Natasha

Two major leaks to the media of data concerning use of tax havens by companies and individuals have happened in the last couple of years. First, in 2015 the Panama Papers, consisting of 11.5 million documents from Panamanian law firm and corporate service provider Mossack Fonseca that detail financial and attorney-client information for more than […]

FATCA Responsible Officer Checklist

06/07/2017 ||By: Charles A

Under the United States (US) Foreign Account Tax Compliance Act (FATCA) regulatory framework, Foreign Financial Institutions (FFIs) are required to appoint a ‘Responsible Officer’ (RO)[1] to oversee its compliance with the FFI Agreement[2] that it is required to execute with the US Internal Revenue Service (IRS). The RO is personally responsible for supervising a FFI’s […]

Gross Proceeds Reporting under FATCA

07/18/2016 ||By: Charles A

In practice the United States (US) Foreign Account Tax Compliance Act (FATCA) will impact nearly all non-US entities that receive US source income, as nearly all types of US-source income are included within its scope. FATCA withholding on ‘withholdable payments’ generally began on 1 July 2014. A withholdable payment is defined as a payment of […]

Overview of FATCA and Grandfathered Obligations

06/08/2016 ||By: Getsy

The United States (US) Foreign Account Tax Compliance Act (FATCA) stipulates that a 30% withholding tax must be made on any ‘withholdable payments’ made to any ‘Foreign Financial Institution’ (FFI) or ‘Non-Financial Foreign Entity’ (NFFE)[1] that does not comply with FATCA requirements. However, there are numerous exceptions available under FATCA. For instance, any payment made […]

The Top Five FATCA Challenges with Pre-Paid Cards, E-Money, and E-Wallets

05/13/2016 ||By: Joe Zepeda

Pre-paid cards, electronic money (e-money), and electronic wallets (e-wallets) pose numerous challenges for foreign financial institutions (FFIs) under the Foreign Account Tax Compliance Act (FATCA). Challenge 1 FFIs may not necessarily realise that they will all fall within the scope of the definition of financial account (depositary account) if cash is retained in credit. This […]