FATCA update — October
The US Foreign Account Tax Compliance Act (FATCA) was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on 18 March 2010. FATCA creates a new tax information reporting and withholding regime for payments made to certain ‘foreign financial institutions’ (FFIs) and other ‘foreign’ persons. Implementation of FATCA is phased, and the first changes are due to take effect from 1 July 2014, with certain withholding requirements also taking effect from 1 July 2014.
FATCA is intended to identify US persons to the Internal Revenue Service (IRS) who may be investing and earning income through FFIs, and it requires those FFIs to report certain information on those accounts, with the aim of reducing tax evasion. Failure to report could result in 30 per cent withholding tax being deducted on US source income and payments.
Ogier is developing a FATCA Client Support Strategy with a view to helping clients understand the regime and to help them plan and execute their own FATCA compliance programmes where necessary…
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