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FATCA

Posted @ May 24, 2015, 10:35 am under (International Taxation Services)

The Foreign Account Tax Compliance Act (FATCA) is a US law designed to prevent tax evasion by US citizens using offshore banking facilities. FATCA creates a tax information and reporting and withholding regime, designed to gain information about US persons having foreign bank account. 

 

FATCA applies to non-US financial institutions (e.g. Banks).  FATCA imposes a 30% withholding tax on payments of US source income made to non-US financial institutions unless they enter into an agreement with the US Internal Revenue Service (IRS) and disclose information about their US account holders. FATCA will require information to be provided in respect of certain accounts in existence on or after 30 June 2014. 

 

U.S. persons having signatory authority of foreign accounts must report to the Bank in prescribed form certain information. In addition there is a requirement to file certain forms (such as Form 8938, Statement of Specified Foreign Financial Assets etc.)  with US IRS.   

 

 


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