A layman's guide to FATCA due diligence and reporting obligations
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The work A layman's guide to FATCA due diligence and reporting obligations represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
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A layman's guide to FATCA due diligence and reporting obligations
Resource Information
The work A layman's guide to FATCA due diligence and reporting obligations represents a distinct intellectual or artistic creation found in International Bureau of Fiscal Documentation. This resource is a combination of several types including: Work, Language Material, Continuing Resources.
- Label
- A layman's guide to FATCA due diligence and reporting obligations
- 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),
- Geographic coverage
- North America
- Language note
- English
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