The Resource A layman's guide to FATCA due diligence and reporting obligations

A layman's guide to FATCA due diligence and reporting obligations

Label
A layman's guide to FATCA due diligence and reporting obligations
Title
A layman's guide to FATCA due diligence and reporting obligations
Creator
Subject
Language
eng
Summary
On 18 March 2010, the US enacted the Foreign Account Tax Compliance Act (FATCA), imposing extensive and unprecedented information reporting obligations on foreign financial institutions (FFI) with respect to accounts beneficially owned by US persons. These were accompanied by new withholding taxes on US-source income and sales proceeds of US debt and equity securities in order to incentivize compliance. On 8 November 2012, the US Treasury Department announced that it was in discussion with more than 50 countries to adopt Intergovernmental Agreements (IGA) calling for exchanges of information on US, persons under FATCA. FATCA was enacted as part of an effort to deny US persons access to FFIs when the institution serves as a repository for the proceeds of unreported income. It does this by placing US reporting obligations on FFIs to report on their US customers and imposes severe penalties in the form of withholding taxes for those who fail to comply
Citation source
In: Tax management international journal. - Arlington. - Vol. 42 (2013),
http://library.link/vocab/creatorName
  • Clermont-Tonnerre, J-F. de
  • Ruchelman, S.C
Geographic coverage
North America
Language note
English
http://library.link/vocab/subjectName
  • FATCA
  • IGA
  • due diligence
  • reporting requirements
  • financial services
Label
A layman's guide to FATCA due diligence and reporting obligations
Instantiates
Publication
Label
A layman's guide to FATCA due diligence and reporting obligations
Publication

Library Locations

    • IBFD Library AmsterdamBorrow it
      Rietlandpark 301, Amsterdam, 1019 DW, NL
      52.37366609999999 4.9336932
Processing Feedback ...