Community
The U.S. Department of the Treasury and Internal Revenue Service (IRS) has released the last substantial package of regulations necessary to implement the Foreign Account Tax Compliance Act (FATCA). In pursuit of its objective to detect and deter offshore tax evasion, FATCA seeks to obtain information on accounts held by US taxpayers in other countries. It requires US financial institutions to withhold a portion of certain payments made to certain foreign financial institutions (FFIs) that do not agree to identify and report information on US account holders.
These regulations make additions and clarifications to previously issued FATCA regulations and provide guidance to coordinate FATCA rules with pre existing due diligence, reporting, and withholding requirements under other provisions of the Internal Revenue Code (Code).
Related link: http://www.treasury.gov/press-center/press-releases/Pages/jl2296.aspx
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Konstantin Rabin Head of Marketing at Kontomatik
22 July
Milko Filipov Senior Manager at valantic
Sergiy Fitsak Managing Director, Fintech Expert at Softjourn
21 July
Prakash Bhudia HOD – Product & Growth at Deriv
Welcome to Finextra. We use cookies to help us to deliver our services. You may change your preferences at our Cookie Centre.
Please read our Privacy Policy.