Welcome to Finextra. We use cookies to help us to deliver our services. We'll assume you're ok with this, but you may change your preferences at our Cookie Centre.
Please read our Privacy Policy.

Accept
Channels
Blog article
See all stories ยป

Group

Financial Services Regulation
External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.

IRS releases final regulations to implement FATCA

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 

1834

Group

Financial Services Regulation
External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Report abuse

Comments: (0)

Join the discussion

Retired Member

Member since

19 Mar 2009

Location

Blog posts

5,572

Comments

6,019

More from Retired

This post is from a series of posts in the group:

Financial Services Regulation

This network is for financial professionals interested in staying up to date on financial services regulation happening anywhere in the world. CFOs, bankers, fund managers, treasurers welcome.

See all
Community
See all Blogs »
Financial Services Regulation 

Best Execution in the US: Three Things Broker-Dealers Need to Think About

John Jannes

John Jannes

Financial Services Regulation 

Crypto Regulation - Asia Leading the Way

Saeed Patel

Saeed Patel

Financial Services Regulation 

REGULATORY IM VALIDATION IN EUROPE & THE U.S. - WHAT PHASE 5 AND 6 FIRMS NEED TO KNOW

Mark Demo

Mark Demo

Financial Services Regulation 

Fintech challenges in the Post Soviet space

Konstantin Rabin

Konstantin Rabin