While many institutional trustees are familiar with these rules, many are still finding FATCA
and the Common Reporting Standard (CRS) documentation requests to be overwhelming and relentless.
gov/uac/newsroom/offshore-voluntary-compliance-efforts-top-10-billion-more-than-100000-taxpayers-come-back-into-compliance) report in October touting $10 billion won back in tax revenues since 2009, but bundled the gains from FATCA
with other, slightly older measures encouraging tens of thousands of foreign account holders to report their offshore assets voluntarily.
A taxpayer's obligations to file FATCA
and FBAR forms are distinct from each other and may require the same taxpayer to file both Form 8938 under FATCA
and TD F 90-22.
Banks not in compliance with the FATCA
face massive withholding taxes; something opponents of the law say effectively compels countries to consent to the law.
The US Treasury and Internal Revenue Service (IRS) are expected to release the final draft for the controversial FATCA
In the early days of the regime's development, Treasury announced that, as an alternative to the FATCA
regime set forth in the statute and regulations, it would be entering into IGAs with certain interested countries.
Aiming to meet the increasing demand of international compliance requirements, SAS and DataGear employed a tailor-made FATCA
solution using key components of SAS Anti-Money Laundering (AML) 6.
stipulates that any person carrying a US passport living anywhere in the world who has the equivalent of $10,000 in their bank account on any day during the yearis subject to the income tax law.
and GATCA frameworks have enough in common that a united approach by banks to both, particularly in terms of technology, should be considered not just advisable, but essential, the white paper notes.
That means that hedge funds will have to continue trying to navigate the complexities of FATCA
, all while keeping an eye on the not so distant horizon where GATCA, aka Global FATCA
, is poised to complicate compliance even further.
In the case of non-compliance with the requirements of FATCA
, any non-US financial organisation could face a 30 per cent penalty on certain financial returns of its operations in the US market.
stands for the Foreign Account Tax Compliance Act.