FATCA for Multinational Companies

Size: px
Start display at page:

Download "FATCA for Multinational Companies"

Transcription

1 FATCA for Multinational Companies Alan J. Schwartz February 27, Boston Brussels Chicago Düsseldorf Frankfurt Houston London Los Angeles Miami Milan Munich New York Orange County Paris Rome Seoul Silicon Valley Washington, D.C. Strategic alliance with MWE China Law Offices (Shanghai) 2013 McDermott Will & Emery. The following legal entities are collectively referred to as "McDermott Will & Emery," "McDermott" or "the Firm": McDermott Will & Emery LLP, McDermott Will & Emery AARPI, McDermott Will & Emery Belgium LLP, McDermott Will & Emery Rechtsanwälte Steuerberater LLP, McDermott Will & Emery Studio Legale Associato and McDermott Will & Emery UK LLP. These entities coordinate their activities through service agreements. This communication may be considered attorney advertising. Previous results are not a guarantee of future outcome.

2 Background As part of the Hiring Incentives to Restore Employment (HIRE) Act, Congress enacted Sections (Chapter 4) of the Internal Revenue Code. These provisions and the Treasury regulations that have been issued thereunder are referred to collectively as FATCA, short for the Foreign Account Tax Compliance Act FATCA s goal is to detect and deter tax evasion by U.S. persons who hide money by investing in offshore financial accounts or by using non-u.s. entities to invest in accounts inside or outside the United States To accomplish this goal, Chapter 4 requires foreign financial institutions (FFIs) to identify and report U.S. account holders. Nonfinancial foreign entities (NFFEs) also may be required to provide information regarding their substantial U.S. ownership to withholding agents (i.e. U.S. owners that hold an interest greater than 10% in the NFFE) FFIs and NFFEs that do not comply with the requirements of Chapter 4 suffer a 30% withholding tax on payments to them of certain categories of U.S. source fixed or determinable annual or periodical (FDAP) income, as well as on gross proceeds from the sale or other disposition of debt or equity interests in U.S. issuers 2

3 FATCA vs. Existing Withholding Rules FATCA (Chapter 4) is an additional reporting and withholding regime that will apply before the existing non-resident alien/section 1441 regime (Chapter 3), but many of the concepts will converge Chapter 3 vs. Chapter 4 Chapter 3 rules are aimed at withholding tax and reporting U.S.-source FDAP income paid to non-u.s. persons FATCA is not designed to impose a withholding tax, but rather is designed to capture information about U.S. persons withholding generally only applies if there are payments to: NFFEs that fail to either identify and disclose substantial U.S. owners or certify that they have no substantial U.S. owners Nonparticipating FFIs 3

4 FATCA Status Timeline FATCA applies to payments of U.S.-source FDAP income as of July 1, 2014: Gross proceeds from the sale or disposition of property that could produce U.S.- source interest or dividends will not be subject to withholding until January 1, 2017 Exceptions: Grandfathered obligations: Debt obligations, derivatives transactions (evidenced by a confirmation pursuant to an ISDA Master Agreement) and agreements to extend credit for a fixed term (e.g., revolving credit facilities) that are outstanding as of June 30, 2014 An obligation will cease to be grandfathered if it is subject to a material modification after June 30, 2014 Preexisting obligations Obligations (including accounts) held by an entity that are opened, executed, or issued on or after July 1, 2014 and before January 1, 2015 Payments with respect to preexisting obligations are not subject to withholding until June 30, 2016, unless the payee is a prima facie FFI 4

5 FATCA Compliance Initiatives I. Determination of FATCA Entity Status of Non-U.S. Entity (including non-u.s. retirement plans) II. Withholding Agent Compliance III. Compliance as Payee (or Account Holder of Payee) 5

6 I. Determination of FATCA Entity Status of Non-U.S. Entities To avoid withholding tax imposed under FATCA, FFIs and NFFEs are required to certify that they are in compliance with applicable FATCA requirements Different compliance features for FFIs and NFFEs FATCA status is important: To avoid withholding on U.S.-source payments; and To assist FFIs in connection with FATCA diligence 6

7 FFI or NFFE FFIs FFIs need to (i) register with the IRS and obtain a Global Intermediary Information Number (GIIN), (ii) identify which of their account holders are U.S. taxpayers and U.S. owned foreign entities and (iii) report financial information about them to the IRS, or in case of Model 1 IGA report to local tax authorities (LTA). Certain FFIs may be exempt or deemed compliant, or may defer or avoid registration with the IRS. FFIs residing in a non-iga country and in Model 2 IGA countries have to sign a FFI Agreement with additional requirements to comply with FATCA. Upon registration at the IRS Portal, the FFIs will obtain a GIIN and will be listed on the IRS website. If the FFI remains non-compliant, it will be treated as a nonparticipating FFI and will be subject to 30% withholding. NFFEs Certain Passive NFFEs are required to disclose certain information to withholding agents who in turn report that information to the IRS. A Passive NFFE must either: certify and disclose the names, address and TIN of its substantial U.S. owners (i.e., more than 10%) and under IGAs of its controlling persons (i.e., more than 25%), or certify that it is not U.S. owned. Excepted NFFEs have no disclosure requirements under FATCA. If a NFFE does not comply, it is subject to 30% withholding 7

8 FFI Categories Under the FATCA Treasury regulations, there are five categories of FFIs: Depository Institutions Custodial Institutions Investment Entities Specified Insurance Companies Certain Holding Companies and Treasury Centers Note: Intergovernmental Agreements (IGAs) contain modifications to the definition of FFI. Specifically, the IGAs contain a modified definition of Investment Entity and do not contain provisions for Treasury Centers or Holding Companies. Entities organized in countries with IGAs should refer to the applicable IGA and other official guidance for their FATCA status 8

9 FFIs (Depository Institutions) Depository institution: an entity that accepts deposits in the ordinary course of a banking or similar business An entity is considered to be engaged in a banking or similar business if, in the ordinary course of its business with customers, the entity accepts deposits or other similar investments of funds and regularly engages in one or more of the following activities: Makes personal, mortgage, industrial, or other loans or provides other extensions of credit; Purchases, sells, discounts, or negotiates accounts receivable, installment obligations, notes, drafts, checks, bills of exchange, acceptances, or other evidences of indebtedness; Issues letters of credit and negotiates drafts drawn thereunder; Provides trust or fiduciary services; Finances foreign exchange transactions; or Enters into, purchases, or disposes of finance leases or leased assets Includes commercial banks, savings and loan associations, credit unions, and cooperative banking institutions 9

10 FFIs (Custodial Institutions) Custodial institution: an entity that holds, as a substantial portion of its business, financial assets for the benefit of one or more other persons In general, an entity holds financial assets for the account of others as a substantial portion of its business if the entity's gross income attributable to holding financial assets and related financial services (with respect to financial assets held in (or to be held in) custody by the entity) equals or exceeds 20% of the entity's gross income over a 3 year period For these purposes, income attributable to holding financial assets and related financial services means custody, account maintenance, and transfer fees; commissions and fees earned from executing and pricing securities transactions; income earned from extending credit to customers with respect to financial assets held in custody (or acquired through such extension of credit); income earned on the bid-ask spread of financial assets; and fees for providing financial advice with respect to financial assets held in (or potentially to be held in) custody by the entity; and fees for clearance and settlement services Includes broker dealers, clearing organizations, trust companies, custodial banks, employee benefits plans 10

11 FFIs (Investment Entities) An investment entity is any of the following: a) An entity that primarily conducts as a business one or more of the following activities: trading on behalf of customers in money market instruments (such as checks, bills, certificates of deposit and derivatives), foreign currency, foreign exchange, interest rate, and index instruments, transferable securities, or commodity futures; managing individual or collective portfolios; or otherwise investing, administering, or managing funds, money, or financial assets on behalf of other persons b) An entity whose gross income over a three year period is primarily attributable to investing, reinvesting, or trading in financial assets and it is professionally managed by another entity financial assets are defined as securities, partnership interests, commodities, notional principal contracts, insurance and annuity contracts, or any derivative interests (including futures contracts, forward contract or options) c) An entity that functions or holds itself out as a collective investment vehicle (defined as a mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund, or any similar investment vehicle established with an investment strategy of investing, reinvesting, or trading in financial assets) An investment advisor and investment manager are treated as certified deemed-compliant FFIs if they do not maintain financial accounts Includes mutual funds, ETFs, hedge funds, private equity funds, venture capital funds, managed funds 11

12 Investment Entities (cont.) The definition of an investment entity under the Model 1 and 2 IGAs is somewhat different: Under the IGAs, an Investment Entity means any entity that conducts as a business (or is managed by an entity that conducts as a business) one or more of the following activities or operations for or on behalf of a customer (for example an account holder): 1. Trading in money market instruments (checks, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading; 2. Individual and collective portfolio management; or 3. Otherwise investing, administering, or managing funds or money on behalf of other persons The definitions under IGAs may need further clarification and guidance. So far, the UK, Ireland, Luxembourg, the Netherlands, Mauritius, the Cayman Islands and Channel Islands have released guidance to the IGA and some definitions therein have been aligned with FATCA final regulations. The compliance requirement in other IGA jurisdictions will be known for certain only after guidance is issued by these IGA countries. 12

13 FFIs (Specified Insurance Companies) A specified insurance company (or a holding company that is in the same expanded affiliated group (EAG) as a specified insurance company) is an FFI if it issues, or is obligated to make payments with respect to, a cash value insurance or annuity contract An expanded affiliated group means each of the entities in one or more chains of corporations or partnerships connected through ownership and where a common parent owns at least 50% of at least one entity in the chain and at least 50% of the vote and value of each entity is owned by other entities in the group Generally, captive insurance companies are not FFIs under this definition, but may qualify as an FFI under one of the other categories of FFI Includes life insurance companies A foreign insurance company that makes a Code Section 953(d) election will be treated as a U.S. person provided that either the foreign insurance company is not a specified insurance company or, if it is a specified insurance company, it is licensed to do business in any state 13

14 FFIs (Certain Holding Companies and Treasury Centers) An entity is a holding company if its primary activity consists of holding (directly or indirectly) all or part of the outstanding stock of one or more members of its EAG An entity is a treasury center if its primary activity is to enter into investment, hedging, and financing transactions with or for members of its EAG for purposes of managing the risk of price changes, currency fluctuations, or interest rate changes, working capital, or otherwise acting as a financing vehicle for borrowing funds for use by the EAG (or any member thereof) A holding company or treasury center is an FFI if it is: part of an EAG that includes a depository institution, custodial institution, insurance company, or certain investment entities (described in (a) or (b) above), or is formed in connection with or availed of by a collective investment vehicle, mutual fund, exchange traded fund, private equity fund, hedge fund, venture capital fund, leveraged buyout fund, or any similar investment vehicle established with an investment strategy of investing, reinvesting, or trading in financial assets 14

15 FFIs (Specific Types) Careful consideration should be given to stealth FFIs which conduct financial-type activities: Leasing companies Financing companies Factoring companies Cash management companies Captive insurance companies Non-U.S. retirement plans that are not excluded under FATCA Non-U.S. charitable foundations and organizations (not tax exempt under Code Section 501(c)) Note: These entities technically may not be affiliates, but still may be related for FATCA purposes. See definition of Expanded Affiliate Group on Slide

16 FFIs (Non-U.S. Retirement Funds) Non-U.S. retirement funds may be classified as investment entities if their gross income is primarily attributable to investing, reinvesting, or trading in financial assets and they are professionally managed by another entity Certain types of retirement funds (i.e., exempt beneficial owners ) are excluded from FATCA reporting requirements. These include: Funds that are entitled to receive benefits under an income tax treaty Broad participation retirement funds Narrow participation retirement funds 401(a)-type plans Funds that are exempt pursuant to an IGA 16

17 Deemed-Compliant FFIs There are three categories of deemed-compliant FFIs : 1. Registered deemed-compliant FFIs Local FFIs Nonreporting members of participating FFI groups Qualified collective investment vehicles Restricted funds Qualified credit card issuers and servicers Sponsored investment entities and controlled foreign corporations A registered deemed-compliant FFI is required to register with the IRS, obtain a GIIN and must certify as to its status every 3 years to remain compliant 17

18 Deemed-Compliant FFIs (cont.) 2. Certified deemed-compliant FFIs Nonregistering local banks FFIs with only low-value accounts Sponsored, closely held investment vehicles Limited life debt investment entities (transitional) Investment advisors and investment managers A certified deemed-compliant FFI is not required to register with the IRS; rather, it is required to certify its status as a certified deemed-compliant FFI to a withholding agent 3. Owner-documented FFIs An owner-documented FFI is generally meant for smaller passive investment vehicles that are not affiliated with other FFIs. The U.S. owner information is provided to the withholding agent and reported to the IRS 18

19 Excluded Nonfinancial Entities Excluded Nonfinancial Entities: Certain categories of entities are specifically excluded from the definition of FFI: Excluded nonfinancial group entities (defined below) Nonfinancial start-up companies or companies entering a new line of business (first 24 months) Nonfinancial entities in liquidation or bankruptcy Excepted inter-affiliate FFIs (defined below) Code Section 501(c) entities (other than Code Section 501(c)(15) insurance companies) Foreign non-profit organizations These entities will be treated as excepted NFFEs (discussed below) 19

20 Excluded Nonfinancial Entities Excluded Nonfinancial Group Entities An entity is an excluded nonfinancial group entity if: It is a holding company, treasury center, or captive finance company A captive finance company is an entity whose primary activity of is to enter into financing or leasing transactions with or for suppliers, distributors, dealers, franchisees, or customers of such entity or of any member of such entity's EAG that is an active NFFE. It is a member of a nonfinancial group (defined below) It is neither a depository institution nor a custodial institution (other than for members of its EAG) It does not hold itself out as (and was not formed in connection with or availed of by) an arrangement or investment vehicle that is a private equity fund, venture capital fund, leveraged buyout fund, or any similar investment vehicle established with an investment strategy to acquire or fund companies and to treat the interests in those companies as capital assets held for investment purposes 20

21 Excluded Nonfinancial Entities Excluded Nonfinancial Group Entities (cont.) An EAG is a nonfinancial group if: for the 3 year period ending on December 31 of the year preceding the year for which the determination is made: no more than 25% of the gross income of the EAG consists of passive income (defined below); no more than 5% of the gross income of the EAG is derived by members of the EAG that are FFIs (excluding income derived from transactions between members of the EAG or by any member of the EAG that is a certified deemed compliant FFI ); and no more than 25% of the fair market value of the assets held by the EAG are assets that produce or are held for the production of passive income any member of the expanded affiliated group that is an FFI is either a participating FFI or deemed-complaint FFI 21

22 NFFE Categories An entity that is not an FFI will be treated as an NFFE Each NFFE must be categorized as either a Passive NFFE or Excepted NFFE to determine its compliance requirements under FATCA There are 6 categories of Excepted NFFEs A Passive NFFE is a residual category that includes any NFFE that is not an Excepted NFFE 22

23 NFFEs In General An NFFE is not required to enter into an FFI Agreement or otherwise register with the IRS. Rather, in order to avoid 30% withholding on withholdable payments, it is required to make certain certifications regarding its status to the withholding agent on an applicable IRS form (e.g., IRS Form W-8BEN-E) In addition, a passive NFFE must either (i) certify that is does not have any substantial U.S. owners or (ii) identify its substantial U.S. owners to the withholding agent 23

24 Excepted NFFE Categories An Excepted NFFE includes: Publicly Traded Corporations (a corporation the stock of which is regularly traded on one or more established securities markets for the calendar year) Corporations in the same EAG as a publicly traded corporation Territory entities incorporated or organized under the laws of any U.S. territory that are directly or indirectly wholly owned by one or more bona fide residents of the U.S. territory under the laws of which the entity is organized Active NFFEs Excepted Nonfinancial Entities (see above) Direct Reporting NFFEs or Sponsored Direct Reporting NFFEs 24

25 Excepted NFFEs Active NFFEs An entity is an active NFFE if: less than 50% of its gross income (based on the preceding taxable year (calendar or fiscal)) is passive income, and less than 50% of the weighted average percentage of assets (tested quarterly) held by it produce passive income 25

26 Passive Income For purposes of determining whether an NFFE is an active NFFE, passive income generally includes: dividends, substitute dividend amounts, interest, substitute interest, amounts received from a pool of insurance contracts, rents and royalties, annuities, and the excess of gains over losses from the sale of property that gives rise to the income described above the excess of gains over losses from certain commodities transactions (including futures and forwards), the excess of foreign currency gains over foreign currency losses, net income from notional principal contracts, amounts received under cash value insurance contracts, and amounts earned by an insurance company in connection with its reserves for insurance and annuity contracts Passive income does not include: interest, dividends, rents, or royalties received or accrued from a related person to the extent such amounts are properly allocable to income of the related person that is not otherwise passive ordinary business income of a dealer in securities or financial instruments or derivatives or commodities 26

27 Excepted NFFEs Direct Reporting NFFEs or Sponsored Direct Reporting NFFEs Categories of excepted NFFEs added by February 2014 Temporary Regulations A direct reporting NFFE is an NFFE that elects to report on Form 8966 directly to the IRS information about its direct or indirect substantial U.S. owners, in lieu of providing such information to withholding agents or participating FFIs with which the NFFE holds a financial account A sponsored direct reporting NFFE is a direct reporting NFFE that is sponsored by another entity that is registered with the IRS as a sponsoring entity. The sponsoring entity will report on Form 8966 directly to the IRS (on the sponsored direct reporting NFFE's behalf) information about each sponsored direct reporting NFFE's direct or indirect substantial U.S. owners 27

28 Intergovernmental Agreements (IGAs) The Treasury Department has published two Model IGAs (referred to as Model 1 and Model 2) to implement FATCA Under a Model 1 IGA: The partner jurisdiction agrees to report to the IRS specified information about the U.S. accounts maintained by all relevant FFIs located in the jurisdiction FFIs organized in the partner jurisdiction identify U.S. accounts pursuant to due diligence rules contained in Annex I of the IGA FFIs report specified information about their U.S. accounts to the partner jurisdiction The partner jurisdiction, in turn, reports such information to the IRS on an automatic basis The exchange of information under a Model 1 IGA may be on a reciprocal or nonreciprocal basis Annex II of the Model 1 IGA includes a country-specific list of financial institutions, products and accounts that are exempt or deemed compliant Under a Model 2 IGA: The partner jurisdiction agrees to direct and enable all relevant FFIs located in the jurisdiction to report specified information about their U.S. accounts directly to the IRS FFIs identify U.S. accounts pursuant to due diligence rules contained in Annex I of the IGA FFIs report specified information about their U.S. accounts to the IRS 28

29 FATCA v. IGAs FATCA Regulations IGA Model 1 IGA Model 2 Applicable if the entity resides in a jurisdiction that has not signed an IGA. To become compliant the FFIs register with the IRS as Participating FFI (PFFI) and enter into a FFI Agreement with the IRS which includes additional requirements. PFFIs are required to withhold 30% tax on U.S.-source payments made to non-compliant account holders, to request the U.S. accountholder to waive the privacy or secrecy rights, to close the account if a waiver is not provided and to provide a certification of compliance by a responsible officer Most commonly applied IGA is Model 1A and it requires its local Reporting FIs to report to local tax authorities who will in turn report to the IRS. Model 1A includes reciprocity of exchanging information of residents in IGA countries with U.S. bank accounts. The nonreciprocal version is Model 1B. Entities residing in Model 2 IGA jurisdictions must sign a FFI Agreement with the IRS and comply with the FATCA regulations (almost similar to Participating FFIs in non-iga countries), except to the extent expressly modified by their IGA. 29

30 Requirements of a U.S. Withholding Agent For U.S. Withholding Agents (USWAs) making payments, 4 general steps are necessary: Step 1: Identify sources of U.S.-source withholdable payments or gross proceeds on U.S. securities Step 2: Determine status of payee as U.S. or foreign and if foreign, the entity s FATCA classification Step 3: Withhold 30% if appropriate documentation is not provided Step 4: Year-end reporting 30

31 Step 1: Identify FATCA Withholdable Payments Withholdable payment is defined as: U.S.-source FDAP income (defined as under 1441 rules) Gross proceeds from disposition of property that can produce interest or dividends that are U.S.-source FDAP (i.e., sale of U.S. securities) Non-U.S.-source income is not included. However, source must be able to be determined FATCA regulations provide exclusions for specified payments defined as nonfinancial Review accounts payable, treasury and any other function involved in payment processing and determination of income (i.e., procurement, legal, tax, business units). You may be surprised what you find! Be prepared to make changes to existing reporting a d withholding systems, policies and procedures 31

32 Withholdable Payments Include FATCA withholdable payment types: Bank and brokerage fees Investment advisory fees Custodial fees (e.g., fund manager fees) Payments in connection with lending transactions Forward, futures, option or notional principal contracts Premiums for insurance contracts or annuity contracts and amounts paid under cash value insurance or annuity contracts Dividends on U.S. securities Interest (other than interest on certain short-term obligations (see slide below)) Original issue discount Dividend equivalent payments where the USWA acts as custodian Financing leases Important: Intercompany payments ARE subject to FATCA. 32

33 Withholdable Payments Do Not Include Certain types of payments are excluded from the definition of withholdable payment: Payments for tangible goods Excluded nonfinancial payments Effectively Connected Income (ECI) Grandfathered obligations Certain short-term obligations (payable within 183 days or less from date of original issue) Excluded Nonfinancial Payments (ordinary course of business): Fees for nonfinancial services (e.g., litigation fees or wages) Software licenses Interest on accounts payable from acquisition of nonfinancial goods, services, or tangible property Rent for office space Use of property (e.g., royalty or intellectual property) Freight/transportation expenses Interest on deferred purchases (e.g., goods purchase on credit) Lease payments on equipment 33

34 Source of Payments FATCA applies to U.S.-source FDAP or gross proceeds from sales of U.S. securities. Foreign source income is generally excluded from FATCA requirements Source must be determined Processes must include documenting source of income where necessary Review all documents and information necessary to determine source of income including contracts, invoices and knowledge of those involved in the transactions Where source is not known, presumption rules require treatment as U.S.-source Test current processes and procedures to ensure they determine source properly and timely (before payment is made) and that source is documented Update processes and systems as necessary 34

35 Step 2: Determine Status and Document Step 2 Determine status and document FATCA applies only to payments to non-u.s. entities. Complex presumption rules must be applied in the absence of documentation, generally resulting in the payee being a non-participating FFI, for which withholding at 30% is required. To avoid FATCA withholding, USWAs must obtain a valid withholding certificate from the payee: W-9 used by U.S. persons or entities W-8BEN used by foreign individuals W-8BEN-E used by foreign entities W-8IMY used by flow through entities (still need W-8BEN-E from ultimate beneficiary/payee) W-8ECI used to identify income that is effectively connected with a U.S. trade or business W-8EXP used by foreign governments and certain other foreign organizations to certify exemption Pre-FATCA forms that were provided before January 1, 2015 may be relied up on only in very limited circumstances and only if the USWA otherwise has documentation indicating the payee s Chapter 4 status 35

36 Steps 3 & 4: Withhold, Remit and Report Step 3 Withhold Generally, if a payee is compliant, no withholding will be required under FATCA (withholding may still be required under Section 1441) Withhold 30% on U.S.-source income paid to noncompliant payees (vendors, customers and/or accountholders), such as: Non-participating FFI Non-certifying NFFE If withholding is required under FATCA, no Chapter 3 withholding is required Step 4 Report A USWA must report information about substantial U.S. owners of NFFEs that are not excepted NFFEs, to the extent such information is received from the payee or the USWA knows or has reason to know the information New forms, such as 1042-S and 1042, will be used to report recipient information 36

37 Important Features of New Form W-8BEN-E Form W-8BEN-E requires foreign entity payees to separately indicate their Chapter 3 and Chapter 4 statuses Chapter 4 status must be included only for withholdable payments Disregarded entities generally provide the form W-8 (or W-9) of their sole owner Form W-8BEN-E remains valid for a period starting on the date the form is signed and ending on the last day of the third succeeding year 37

Foreign Account Tax Compliance Act FATCA Onboarding Requirements for Payees U.S. Financial Institutions

Foreign Account Tax Compliance Act FATCA Onboarding Requirements for Payees U.S. Financial Institutions Paris New York London Rome Milan Casablanca Dubai Amsterdam Brussels Hong Kong Singapore Foreign Account Tax Compliance Act FATCA Onboarding Requirements for Payees U.S. Financial Institutions June 13,

More information

IRS Issues Final FATCA Regulations

IRS Issues Final FATCA Regulations IRS Issues Final FATCA Regulations The United States Internal Revenue Service (IRS) has issued long-awaited final regulations (the Final Regulations) under the Foreign Account Tax Compliance Act (FATCA).

More information

US FATCA FAQ and Glossary of FATCA terms

US FATCA FAQ and Glossary of FATCA terms US FATCA FAQ and Glossary of FATCA terms These FAQs are intended to aid you in your understanding how FATCA affects your relationship with UBS. This is not intended as tax advice. If you are uncertain

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) Applying FATCA to Funds and other Collective Investment Vehicles Jonathan Sambur Partner + 1 202 263-3256 jsambur@mayerbrown.com February 2013 Mayer Brown

More information

Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014)

Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014) Instructions for the Requester of Forms W 8BEN, W 8BEN E, W 8ECI, W 8EXP, and W 8IMY (Rev. July 2014) Section references are to the Internal Revenue Code unless otherwise noted. Future developments. For

More information

FATCA self-certification form

FATCA self-certification form FATCA self-certification form We, the undersigned, representing, Registered Company name (in full) Trade name (if different from registered) hereby confirm to Clearstream Banking S.A. ( CBL ) our FATCA

More information

SIGHT FATCA. line of FREQUENTLY ASKED QUESTIONS FOR FUND MANAGERS TABLE OF CONTENTS. July 2012 OVERVIEW... 2

SIGHT FATCA. line of FREQUENTLY ASKED QUESTIONS FOR FUND MANAGERS TABLE OF CONTENTS. July 2012 OVERVIEW... 2 line of SIGHT FATCA FREQUENTLY ASKED QUESTIONS FOR FUND MANAGERS TABLE OF CONTENTS July 2012 OVERVIEW... 2 NORTHERN TRUST S ROLES AND RESPONSIBILITIES... 7 PREVENTING FATCA WITHHOLDING... 8 A PARTICIPATING

More information

UPDATED INFORMATION ON USE OF FORM W-8IMY (REVISION DATE FEBRUARY 2006) BEFORE JANUARY 1, 2015

UPDATED INFORMATION ON USE OF FORM W-8IMY (REVISION DATE FEBRUARY 2006) BEFORE JANUARY 1, 2015 UPDATED INFORMATION ON USE OF FORM W-8IMY (REVISION DATE FEBRUARY 2006) BEFORE JANUARY 1, 2015 This Form W-8IMY (revision date April 2014) reflects the changes made in the Foreign Account Tax Compliance

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) February 13, 2014 Spanish Chinese Russian Foreign Account Tax Compliance Act (FATCA) Introduction to FATCA and IGAs The Foreign Account Tax Compliance Act (FATCA) is a US law enacted in 2010 as part of

More information

Sight FATCA. line of. Frequently asked questions. table of contents. November 2, 2012

Sight FATCA. line of. Frequently asked questions. table of contents. November 2, 2012 line of Sight FATCA Frequently asked questions FOR INSTITUTIONAL INVESTORS table of contents November 2, 2012 PART I PROPOSED REGULATIONS and IRS Announcement OVERVIEW 1. What is the objective of the Foreign

More information

FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance

FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance www.pwc.com/us/fatca July 2011 FATCA FAQs: Frequently asked questions on the Foreign Account Tax Compliance Act 1. What is FATCA? FATCA is an acronym for The Foreign Account Tax Compliance Act (FATCA)

More information

Key Aspects of the FATCA Regime

Key Aspects of the FATCA Regime TAX CLIENT PUBLICATION May 2012... Key Aspects of the FATCA Regime... The US withholding and information reporting regime under the Foreign Account Tax Compliance Act of 2010 ( FATCA ), 1 when implemented,

More information

This notice provides guidance to foreign financial institutions (FFIs) entering into

This notice provides guidance to foreign financial institutions (FFIs) entering into Part III Administrative, Procedural, and Miscellaneous FFI agreement for Participating FFI and Reporting Model 2 FFI Notice 2013-69 SECTION I. Purpose. This notice provides guidance to foreign financial

More information

Guidance for companies, trusts and partnerships on completing a self-certification form

Guidance for companies, trusts and partnerships on completing a self-certification form Guidance for companies, trusts and partnerships on completing a self-certification form In order to combat tax evasion by both individuals and businesses, the UK and many other countries have entered into

More information

WEBER METALS, INC. Vendor Application Form (Foreign)

WEBER METALS, INC. Vendor Application Form (Foreign) WEBER METALS, INC. Vendor Application Form (Foreign) Company Name Address (if different from W-8) Street: City County Zip Code Country Phone # Fax # (Opt.) Contact Information Contact Email Tax ID Number

More information

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) The Foreign Account Tax Compliance Act (FATCA) I. OVERVIEW A. What is FATCA? FATCA, as it is colloquially known, refers to Chapter 4 of the US Internal Revenue Code, which was enacted by the Hiring Incentives

More information

U.S. Tax Services Stewart H. Patton 610-0689 stewart@ustax.bz. FATCA Overview. March 2014

U.S. Tax Services Stewart H. Patton 610-0689 stewart@ustax.bz. FATCA Overview. March 2014 U.S. Tax Services Stewart H. Patton 610-0689 stewart@ustax.bz FATCA Overview March 2014 FATCA Terminology FATCA: The U.S. Foreign Account Tax Compliance Act, added by the HIRE Act of 2010. FATCA added

More information

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions

Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions Foreign Account Tax Compliance Act (FATCA) Frequently Asked Questions For Momentum Retail (excluding Momentum Wealth International) General FATCA questions 1. What is FATCA? FATCA is the acronym for the

More information

The Impact of FATCA on U.S. and Non-U.S. Private Equity & Hedge Funds Closing the distance

The Impact of FATCA on U.S. and Non-U.S. Private Equity & Hedge Funds Closing the distance The Impact of FATCA on U.S. and Non-U.S. Private Equity & Hedge Funds Closing the distance Global Financial Services Industry Overview The Foreign Account Tax Compliance Act ( FATCA ) regime signifies

More information

PRESENTATION ON THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) FOR CONSULTATIONS WITH THE INDUSTRY

PRESENTATION ON THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) FOR CONSULTATIONS WITH THE INDUSTRY PRESENTATION ON THE FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) FOR CONSULTATIONS WITH THE INDUSTRY Prepared for the Meeting with ECCU Non-Bank Financial Institutions February 2014 EASTERN CARIBBEAN CENTRAL

More information

FATCA Final Regulations: Definitions List

FATCA Final Regulations: Definitions List FATCA Final Regulations: Definitions List By Craig Cohen Chapter 4 of the Internal Revenue Code and the Treasury regulations thereunder commonly known as the Foreign Account Tax Compliance Act, or FATCA

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) FATCA REGISTRATION GUIDANCE NOTES Issued by Inland Revenue, New Zealand 30 July 2014 Version 1.4 [Note: These Guidance Notes replace version 1.3, dated 13 January

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) Introduction As a global financial services organisation, it is necessary for Standard Bank to comply with the laws and regulations of many different authorities,

More information

Simplified Instructions for Completing a Form W-8BEN-E

Simplified Instructions for Completing a Form W-8BEN-E Simplified Instructions for Completing a Form W-8BEN-E For Non-Financial Institutions Only Updated April 2015 Circular 230 Disclaimer: Any tax advice contained in this communication is not intended or

More information

FATCA The Foreign Account Tax Compliance Act

FATCA The Foreign Account Tax Compliance Act FATCA The Foreign Account Tax Compliance Act July 2012 July 2012 Table of Contents 1. Classification 2 2. Due Diligence 7 3. Withholding Payments 14 4. Reporting 21 What You Need to Take Away From This

More information

FATCA Overview for Non-U.S. Insurance Companies

FATCA Overview for Non-U.S. Insurance Companies Stewart Patton U.S. Tax Services P.O. Box 2651 Belize City, Belize www.ustax.bz +501 610-0689 (Belize phone number) (312) 675-8571 (U.S. VOIP number) stewart.patton1 (Skype ID) stewart@ustax.bz FATCA Overview

More information

What s News in Tax Analysis That Matters from Washington National Tax

What s News in Tax Analysis That Matters from Washington National Tax What s News in Tax Analysis That Matters from Washington National Tax FATCA and Foreign Leasing Companies The Foreign Account Tax Compliance Act ( FATCA ) imposes withholding and reporting requirements

More information

FATCA for non-financial companies What you don't know may hurt you

FATCA for non-financial companies What you don't know may hurt you FATCA for non-financial companies What you don't know may hurt you Anthony Martirano Jr., Deloitte Tax LLP December 6, 2012 FATCA overview FATCA aims to identify U.S. persons trying to avoid U.S. tax obligations

More information

[Mutual Legal Assistance (Tax Matters) Act, 2003 (as amended)] British Virgin Islands RELEASE DATE: [ ] JULY 2014

[Mutual Legal Assistance (Tax Matters) Act, 2003 (as amended)] British Virgin Islands RELEASE DATE: [ ] JULY 2014 This document is a DRAFT of the proposed Guidance Notes for the US and UK FATCA Agreements with the Government of the British Virgin Islands and at this stage it is for discussion purposes ONLY! [Mutual

More information

International organization. Complete Part XIV. Reporting Model 1 FFI. Exempt retirement plans. Complete Part XV. Reporting Model 2 FFI.

International organization. Complete Part XIV. Reporting Model 1 FFI. Exempt retirement plans. Complete Part XV. Reporting Model 2 FFI. Form W-8BEN-E (Rev. April 2016) Department of the Treasury Internal Revenue Service Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities) For use by entities.

More information

TAXATION (INTERNATIONAL TAX COMPLIANCE) (CROWN DEPENDENCY [CD]) REGULATIONS 2014 GUIDANCE NOTES. RELEASE DATE: 1 April 2014

TAXATION (INTERNATIONAL TAX COMPLIANCE) (CROWN DEPENDENCY [CD]) REGULATIONS 2014 GUIDANCE NOTES. RELEASE DATE: 1 April 2014 TAXATION (INTERNATIONAL TAX COMPLIANCE) (CROWN DEPENDENCY [CD]) REGULATIONS 2014 GUIDANCE NOTES RELEASE DATE: 1 April 2014 Note : These draft Guidance Notes dated 1 April 2014 have been revised to reflect

More information

If you have any questions regarding your shareholder account, please contact us at:

If you have any questions regarding your shareholder account, please contact us at: IRS Form W-8BEN Broadridge Corporate Issuer Solutions P.O. Box 1342 Brentwood, NY 11717-0718 Phone: (877) 830-4936 Fax: (215) 553-5402 Dear Shareholder, Thank you for contacting Broadridge Shareholder

More information

Insurance Authority Workshop Foreign Account Tax Compliance Act. Abu Dhabi 28 January 2014

Insurance Authority Workshop Foreign Account Tax Compliance Act. Abu Dhabi 28 January 2014 Insurance Authority Workshop Foreign Account Tax Compliance Act Abu Dhabi 28 January 2014 Agenda q q q q q q FATCA and IGAs FATCA Timeline Focus for next 6 months US Treasury and IRS update Matters Arising

More information

Frequently Asked Questions (FAQ) FATCA

Frequently Asked Questions (FAQ) FATCA Frequently Asked Questions (FAQ) FATCA Table of Contents General... 3 What is FATCA?... 3 What is the purpose of FATCA?... 3 When does FATCA begin?... 3 Who is impacted by FATCA?... 3 What information

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) What We Know and Don t Know Nicole Tanguy, Citigroup Inc. November 30, 2011 What is FATCA? The State of the Law New Chapter 4 of the Internal Revenue Code (IRC)

More information

Version 3.0 (29.07.2014) Table of Contents

Version 3.0 (29.07.2014) Table of Contents Guidelines for the implementation of the FATCA Agreement and the FATCA Regulations in Malta issued in terms of Article 96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta) Version 3.0 (29.07.2014)

More information

How does the recent FATCA guidance affect asset managers?

How does the recent FATCA guidance affect asset managers? from Asset Management How does the recent FATCA guidance affect asset managers? April 10, 2014 In brief On February 20, 2014, the US Department of the Treasury (Treasury) and the Internal Revenue Service

More information

Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement Model 1 Latest Updates and Requirements

Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement Model 1 Latest Updates and Requirements Foreign Account Tax Compliance Act (FATCA) Intergovernmental Agreement Model 1 Latest Updates and Requirements - Regulatory Timeline - Overview of Requirements - Registration Process Naidira Alemova-Goeres

More information

It Is Time for Foreign Financial Institutions to Take Action on the FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)

It Is Time for Foreign Financial Institutions to Take Action on the FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) It Is Time for Foreign Financial Institutions to Take Action on the FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) On March 18, 2010, the U.S. Congress enacted the Foreign Account Tax Compliance Act (FATCA)

More information

ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: This document contains proposed regulations under chapter 4 of

ACTION: Notice of proposed rulemaking and notice of public hearing. SUMMARY: This document contains proposed regulations under chapter 4 of [4830-01-p] DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Parts 1 and 301 [REG-121647-10] RIN 1545-BK68 Regulations Relating to Information Reporting by Foreign Financial Institutions and

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) What We Know and Don t Know Nicole Tanguy, Citi Phil Garlett, Burt, Staples & Maner LLP 11-12 July 2011 What is FATCA? The State of the Law New Chapter 4 of the

More information

TAXATION (INTERNATIONAL TAX COMPLIANCE) (JERSEY) REGULATIONS 2014 DRAFT GUIDANCE NOTES. RELEASE DATE: 9 Sept 2015

TAXATION (INTERNATIONAL TAX COMPLIANCE) (JERSEY) REGULATIONS 2014 DRAFT GUIDANCE NOTES. RELEASE DATE: 9 Sept 2015 TAXATION (INTERNATIONAL TAX COMPLIANCE) (JERSEY) REGULATIONS 2014 DRAFT GUIDANCE NOTES RELEASE DATE: 9 Sept 2015 Note : The Draft Guidance Notes have been further revised in response to requests from interested

More information

Foreign Account Tax Compliance Act ( FATCA )

Foreign Account Tax Compliance Act ( FATCA ) Chio Lim Audit Tax Advisory Tax Update Foreign Account Tax Compliance Act ( FATCA ) 2 May 2014 Contacts: Cindy Lim Partner, International Tax Division T +65 6594 7852 cindylim@rsmchiolim.com.sg Chow Khen

More information

The widespread reach of FATCA How will it affect your business?

The widespread reach of FATCA How will it affect your business? www.pwc.com/us/fatca The widespread reach of FATCA How will it affect your business? August 2013 Contents The short answer 1 Now is the right time to learn more and take action 2 What are some specific

More information

Implementation of The International Tax Compliance (United States of America) Regulations 2013. Guidance Notes

Implementation of The International Tax Compliance (United States of America) Regulations 2013. Guidance Notes Implementation of The International Tax Compliance (United States of America) Regulations 2013 Guidance Notes 14 August 2013 1 Guidance Contents 1. Background 1.1 The purpose of these Guidance notes 1.2

More information

FATCA Frequently Asked Questions

FATCA Frequently Asked Questions FATCA Frequently Asked Questions FATCA overview 1. What is FATCA? 2. What is the impact of FATCA? 3. How do I know if I am affected? 4. When will the FATCA legislation become effective? 5. Is HSBC the

More information

Global IRW Newsbrief Information reporting and withholding (IRW)

Global IRW Newsbrief Information reporting and withholding (IRW) www.pwc.com Global IRW Newsbrief Information reporting and withholding (IRW) February 27, 2012 The new proposed FATCA regulations: Overview On October 27, 2009, members of the U.S. Senate Finance Committee

More information

Foreign Account Tax Compliance Act ( FATCA )

Foreign Account Tax Compliance Act ( FATCA ) May 2011 Foreign Account Tax Compliance Act ( FATCA ) www.steptoe.com Table of Contents Overview Definition of Foreign Financial Institution ( FFI ) FFI Agreement with IRS Preexisting Individual Accounts

More information

VEDDERPRICE Chicago New York Washington, DC London San Francisco Los Angeles. FATCA for Private Funds: Key Considerations

VEDDERPRICE Chicago New York Washington, DC London San Francisco Los Angeles. FATCA for Private Funds: Key Considerations VEDDERPRICE Chicago New York Washington, DC London San Francisco Los Angeles August 2014 FATCA for Private Funds: Key Considerations Although the Foreign Account Tax Compliance Act (FATCA) went live July

More information

IRAS e-tax Guide. Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act

IRAS e-tax Guide. Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act IRAS e-tax Guide Compliance Requirements of the Singapore-US Intergovernmental Agreement on Foreign Account Tax Compliance Act Published by Inland Revenue Authority of Singapore Published on 17 Mar 2015

More information

Foreign Account Tax Compliance Act

Foreign Account Tax Compliance Act www.pwc.co.za Foreign Account Tax Compliance Act 7t h March 2012 An overview The Foreign Account Tax Compliance Act provisions which were included in the Hiring Incentives to Restore Employment ( HIRE

More information

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND While every effort is made to ensure that the information given in this guide is accurate, it is not a legal document. Responsibility cannot be

More information

Analysis of FATCA Regulations for Foreign Financial Institutions

Analysis of FATCA Regulations for Foreign Financial Institutions Analysis of FATCA Regulations for Foreign Financial Institutions Withholding, Information Reporting February 2014 kpmg.com FATCA - Regulations on information reporting by foreign financial institutions;

More information

David Weisner. Carolina Caballero. Today s Speakers. U.S. Tax Counsel for Asia Pacific. Citi

David Weisner. Carolina Caballero. Today s Speakers. U.S. Tax Counsel for Asia Pacific. Citi 1 2 Understanding FATCA David Weisner, U.S. Tax Counsel for Asia Pacific, Citi Carolina Caballero, Product Risk and Regulatory Strategy Manager, Clearing and FI Payments, Citi Treasury and Trade Solutions

More information

FATCA and Insurance. Ninth Annual International Insurance Training Program

FATCA and Insurance. Ninth Annual International Insurance Training Program Ninth Annual International Insurance Training Program FATCA and Insurance Stewart Kasner, Baker & McKenzie LLP, Miami Lyubomir Georgiev, Baker & McKenzie Zurich Four Points by Sheraton Zurich, Switzerland

More information

Expatriation - A Comparison of Tax Issues in the US & UK in an Increasingly Mobile World

Expatriation - A Comparison of Tax Issues in the US & UK in an Increasingly Mobile World Expatriation - A Comparison of Tax Issues in the US & UK in an Increasingly Mobile World Henry Christensen III Jay E. Rivlin www.mwe.com Boston Brussels Chicago Düsseldorf Frankfurt Houston London Los

More information

The International Tax Authority. Version 2.0

The International Tax Authority. Version 2.0 The International Tax Authority GUIDANCE NOTES ON THE INTERNATIONAL TAX COMPLIANCE REQUIREMENTS OF THE LEGISLATION IMPLEMENTING THE INTERGOVERNMENTAL AGREEMENTS BETWEEN THE BRITISH VIRGIN ISLANDS AND THE

More information

FATCA: A Portfolio Manager s Guide to Navigating Uncharted Waters

FATCA: A Portfolio Manager s Guide to Navigating Uncharted Waters FATCA: A Portfolio Manager s Guide to Navigating Uncharted Waters Michael Friedman, Tax Partner, McMillan LLP Carl Irvine, Tax Principal, McMillan LLP David Sausen, Tax Partner, Kaye Scholer LLP Compliance

More information

IRS regulations The Foreign Account Tax Compliance Act (FATCA) and its impact on the US foreign withholding tax and reporting system

IRS regulations The Foreign Account Tax Compliance Act (FATCA) and its impact on the US foreign withholding tax and reporting system IRS regulations The Foreign Account Tax Compliance Act (FATCA) and its impact on the US foreign withholding tax and reporting system What is FATCA? The Foreign Account Tax Compliance Act (FATCA) is a new

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) GUIDANCE NOTES: APPLICATION OF FATCA TO COLLECTIVE INVESTMENT VEHICLES Issued by Inland Revenue, New Zealand 30 July 2014 Version 1.0 Please direct all comments

More information

FATCA AND NEW ZEALAND LAW FIRMS

FATCA AND NEW ZEALAND LAW FIRMS This Practice Briefing does not constitute legal advice INTRODUCTION The FATCA agreement between New Zealand and United States is directed at reducing tax evasion by US taxpayers. New Zealand law firms

More information

Tax Group Client Alert

Tax Group Client Alert Tax Group Client Alert For Beijing Frankfurt Hong Kong London Los Angeles Munich New York São Paulo Singapore Tokyo Washington, DC FATCA 2.0 FOR FUNDS AND SECURITIZATION VEHICLES Introduction On February

More information

F.A.T.C.A. in a Nutshell: Questions and Answers to Tickle the Fancy of a Compliance Officer 1 By Fabien Gaglio and Stanley C.

F.A.T.C.A. in a Nutshell: Questions and Answers to Tickle the Fancy of a Compliance Officer 1 By Fabien Gaglio and Stanley C. F.A.T.C.A. in a Nutshell: Questions and Answers to Tickle the Fancy of a Compliance Officer 1 By Fabien Gaglio and Stanley C. Ruchelman The following F.A.Q. provides a general overview of the Foreign Account

More information

Private Equity Alert

Private Equity Alert March 1, 2013 Private Equity Alert Final FATCA Regulations Released Impact on Private Investment Funds On January 17, 2013, the US Treasury and the IRS released final regulations under the Foreign Account

More information

INSTRUCTIONS CRS Entity Self-Certification Form

INSTRUCTIONS CRS Entity Self-Certification Form INSTRUCTIONS CRS Entity Self-Certification Form Please read these instructions before completing the form Why are we asking you to complete this form? To help protect the integrity of tax systems, governments

More information

FATCA Regs Come Up Short For P&C Insurance Industry

FATCA Regs Come Up Short For P&C Insurance Industry Portfolio Media. Inc. 860 Broadway, 6th Floor New York, NY 10003 www.law360.com Phone: +1 646 783 7100 Fax: +1 646 783 7161 customerservice@law360.com FATCA Regs Come Up Short For P&C Insurance Industry

More information

IRS releases updated QI agreement providing guidance for QIs under FATCA and Chapter 3

IRS releases updated QI agreement providing guidance for QIs under FATCA and Chapter 3 IRS releases updated QI agreement providing guidance for QIs under FATCA and Chapter 3 July 3, 2014 In brief On June 27, 2014, the Internal Revenue Service (IRS) released Revenue Procedure 2014-39 which

More information

Guide to completing W-8BEN-E entity US tax forms

Guide to completing W-8BEN-E entity US tax forms Guide to completing W-8BEN-E entity US tax forms Applicable to Companies, Trusts, Self-Managed Superannuation Funds and Deceased Estates Macquarie Wrap 1 macquarie.com Contents 1 General information 01

More information

Spotlight on the US. Christopher Brown US Tax Desk, KPMG In the UK

Spotlight on the US. Christopher Brown US Tax Desk, KPMG In the UK Spotlight on the US Christopher Brown US Tax Desk, KPMG In the UK 24 June 2016 Agenda 1 2 3 4 5 6 7 8 FATCA: An overview Definition of FIs under FATCA FATCA reportable accounts and account holders Remediation

More information

FOREIGN ACCOUNT TAX COMPLIANCE ACT ( FATCA ): COMPLIANCE TO ELIMINATE WITHHOLDING TAX. November 19, 2013

FOREIGN ACCOUNT TAX COMPLIANCE ACT ( FATCA ): COMPLIANCE TO ELIMINATE WITHHOLDING TAX. November 19, 2013 FOREIGN ACCOUNT TAX COMPLIANCE ACT ( FATCA ): COMPLIANCE TO ELIMINATE WITHHOLDING TAX November 19, 2013 MICHAEL HIRSCHFELD DECHERT LLP (212) 698-3635 michael.hirschfeld@dechert.com 12116187v1 1 FATCA Overview

More information

Further Guidance on the Implementation of FATCA and Related Withholding Provisions

Further Guidance on the Implementation of FATCA and Related Withholding Provisions Further Guidance on the Implementation of FATCA and Related Withholding Provisions Notice 2014-33 I. PURPOSE This notice announces that calendar years 2014 and 2015 will be regarded as a transition period

More information

THE INTERNATIONAL TAX COMPLIANCE (UNITED STATES OF AMERICA AND UNITED KINGDOM) REGULATIONS 2014 ISLE OF MAN GUIDANCE NOTES

THE INTERNATIONAL TAX COMPLIANCE (UNITED STATES OF AMERICA AND UNITED KINGDOM) REGULATIONS 2014 ISLE OF MAN GUIDANCE NOTES THE INTERNATIONAL TAX COMPLIANCE (UNITED STATES OF AMERICA AND UNITED KINGDOM) RELEASE DATE: 15 December 2014 These Guidance Notes follow previous issues that were drafted by Guernsey, the Isle of Man

More information

Foreign Account Tax Compliance Act ( FATCA ) How Does It Affect NFFEs and Individuals

Foreign Account Tax Compliance Act ( FATCA ) How Does It Affect NFFEs and Individuals Foreign Account Tax Compliance Act ( FATCA ) How Does It Affect NFFEs and Individuals May, 2012 2008 Venable LLP 1 agenda Overview FATCA and NFFEs FATCA and Individuals US Information Reporting for US

More information

Certain Investor Tax Considerations for Investing in U.S. Funds David Sussman August 2014

Certain Investor Tax Considerations for Investing in U.S. Funds David Sussman August 2014 Certain Investor Tax Considerations for Investing in U.S. Funds David Sussman August 2014 2014 Duane Morris LLP. All Rights Reserved. Duane Morris is a registered service mark of Duane Morris LLP. Duane

More information

Below is a summary of the main issues discussed during our April 28 meeting, and our recommendations for resolving them.

Below is a summary of the main issues discussed during our April 28 meeting, and our recommendations for resolving them. Donna J. Fisher Senior Vice President Tax, Accounting & Financial Management (202) 663-5318 DFisher@aba.com September 11, 2015 Theodore D. Setzer International Business Compliance - Foreign Payments Program

More information

Fiduciary and Investment Risk Management Association 28 th National Risk Management Training Conference

Fiduciary and Investment Risk Management Association 28 th National Risk Management Training Conference Fiduciary and Investment Risk Management Association 28 th National Risk Management Training Conference Foreign Account Tax Compliance Act: Considerations for Trusts April 30, 2014 Michael Shepard Principal

More information

BURT, STAPLES & MANER, LLP SUITE 850 1250 EYE STREET, NW WASHINGTON, DC 20005-3922 PHONE (202)783-1500 - FACSIMILE (202)783-1523 www.bsmlegal.

BURT, STAPLES & MANER, LLP SUITE 850 1250 EYE STREET, NW WASHINGTON, DC 20005-3922 PHONE (202)783-1500 - FACSIMILE (202)783-1523 www.bsmlegal. BURT, STAPLES & MANER, LLP SUITE 850 1250 EYE STREET, NW WASHINGTON, DC 20005-3922 PHONE (202)783-1500 - FACSIMILE (202)783-1523 www.bsmlegal.com TO: FROM: RE: Distribution Burt, Staples & Maner, LLP Final

More information

FATCA Q & A Issue 12 Luxembourg, April 15thMay 6th, 2014

FATCA Q & A Issue 12 Luxembourg, April 15thMay 6th, 2014 Q & A Issue 12 Luxembourg, April 15thMay 6 th, 2014 Important This Q&A document was prepared by ALFI's implementation working groups for the U.S. Foreign Account Tax Compliance Act (). The working groups

More information

Foreign Account Tax Compliance Act (FATCA) Entity Questionnaire

Foreign Account Tax Compliance Act (FATCA) Entity Questionnaire SIPP ISA Dealing Junior ISA Foreign Account Tax Compliance Act (FATCA) Entity Questionnaire This form must be completed by all new entities (customers who are not individuals) as part of our account opening

More information

The Impact of FATCA on Mutual Funds and other Regulated, Open-ended Funds Closing the distance

The Impact of FATCA on Mutual Funds and other Regulated, Open-ended Funds Closing the distance The Impact of FATCA on Mutual Funds and other Regulated, Open-ended Funds Closing the distance Global Financial Services Industry Overview The Treasury Department and the Internal Revenue Service ( IRS

More information

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND

GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND GUIDANCE NOTES ON THE IMPLEMENTATION OF FATCA IN IRELAND While every effort is made to ensure that the information given in this guide is accurate, it is not a legal document. Responsibility cannot be

More information

The IRS Issues Final FATCA Regulations

The IRS Issues Final FATCA Regulations The IRS Issues Final FATCA Regulations On January 17, 2013, the Internal Revenue Service (IRS) released 544 pages of final regulations implementing the provisions of the Foreign Account Tax Compliance

More information

FATCA -- Overview and Onboarding

FATCA -- Overview and Onboarding IIB Annual Seminar on U.S. Taxation of International Banks June 17-18, 2014 FATCA -- Overview and Onboarding Chip Collins, UBS AG (Moderator) John Sweeney, IRS Tara Ferris, IRS Jon Lakritz, PwC Danielle

More information

FATCA Self-Certification for legal entity clients: Supporting document for plausibility checks (V1.0)

FATCA Self-Certification for legal entity clients: Supporting document for plausibility checks (V1.0) FATCA Self-Certification for legal entity clients: Supporting document for plausibility checks (V1.0) June 2015 This Credit Suisse supporting document is designed to provide you with further assistance

More information

How do the final FATCA regulations affect asset managers?

How do the final FATCA regulations affect asset managers? How do the final FATCA regulations affect asset managers? February 6, 2013 In brief The long-awaited final Foreign Account Tax Compliance Act (FATCA) regulations have arrived and, while much analysis still

More information

Foreign Account Tax Compliance Act (FATCA)

Foreign Account Tax Compliance Act (FATCA) Foreign Account Tax Compliance Act (FATCA) U.S. REPORTABLE ACCOUNTS GUIDANCE NOTES Issued by Inland Revenue, New Zealand 30 July 2014 Version 1.0 Please direct all comments and correspondence to FATCA@ird.govt.nz

More information

Private Banking. Foreign Account Tax Compliance Act (FATCA) Entity Classification Guide

Private Banking. Foreign Account Tax Compliance Act (FATCA) Entity Classification Guide Private Banking Foreign Account Tax Compliance Act (FATCA) Entity Classification Guide Foreign Account Tax Compliance Act (FATCA) Entity Classification Guide August, 2014 Disclaimer This document is not

More information

FATCA Regulations Training Session #3

FATCA Regulations Training Session #3 Transaction Services July 2013 FATCA Regulations Training Session #3 Update on Changes to New Account Due Diligence Based on Final Regulations Debbie Mercer-Miller Director and U.S. Securities Country

More information

Withholding of Tax on Nonresident Aliens and Foreign Entities

Withholding of Tax on Nonresident Aliens and Foreign Entities Department of the Treasury Internal Revenue Service Publication 515 Cat. No. 15019L Withholding of Tax on Nonresident Aliens and Foreign Entities For use in 2013 Contents What's New... 1 Reminders... 2

More information

TAX ASPECTS OF MUTUAL FUND INVESTING

TAX ASPECTS OF MUTUAL FUND INVESTING Tax Guide for 2015 TAX ASPECTS OF MUTUAL FUND INVESTING INTRODUCTION I. Mutual Fund Distributions A. Distributions From All Mutual Funds 1. Net Investment Income and Short-Term Capital Gain Distributions

More information

F O R E I G N A C C O U N T T A X C O M P L I A N C E A C T : C U R R E N T D E V E L O P M E N T S

F O R E I G N A C C O U N T T A X C O M P L I A N C E A C T : C U R R E N T D E V E L O P M E N T S S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L F O R E I G N A C C O U N T T A X C O M P L I A N C E A C T : C U R R E N T D E V E L O P M E N T S J.P. Morgan Corporate & Investment Bank Presented

More information

and the Common Reporting Standard (CRS) issued in terms of Article 96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta) Version 1.

and the Common Reporting Standard (CRS) issued in terms of Article 96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta) Version 1. Guidelines for the implementation of the EU Council Directive 2014/107/EU of 9 December 2014 amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation

More information

FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)

FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) CUSTOMERFREQUENTLY ASKED QUESTIONS What exactly is FATCA? FATCA is rapidly becoming the global model for combating offshore tax evasion and promoting transparency. FATCA is an acronym for the United States

More information

Flash News. Why should non-financial entities care about FATCA?

Flash News. Why should non-financial entities care about FATCA? www.pwc.lu/fatca Flash News Why should non-financial entities care about FATCA? Published in Kluwer - ACE Comptabilité, fiscalité, audit, droit des affaires au Luxembourg, 2014/6 17 July 2014 In 2010,

More information

BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT

BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT BENEFITS & COMPENSATION INTERNATIONAL TOTAL REMUNERATION AND PENSION INVESTMENT Proposed IRS Regulations Exempt Some Non-US Retirement Plans from FATCA David W. Powell and Anubhav Gogna David Powell is

More information

The Following pages contain an example of a form that could be used to collect data from entities in relation to the CRS.

The Following pages contain an example of a form that could be used to collect data from entities in relation to the CRS. February 2016 Guidance for Financial Institutions Requesting the Form The Following pages contain an example of a form that could be used to collect data from entities in relation to the CRS. This form

More information

FOREIGNERS DOING BUSINESS IN THE UNITED STATES U.S. Taxation Overview

FOREIGNERS DOING BUSINESS IN THE UNITED STATES U.S. Taxation Overview FOREIGNERS DOING BUSINESS IN THE UNITED STATES U.S. Taxation Overview The U.S. economic activities of foreign individuals and entities are classified as inbound transactions while the foreign economic

More information

INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year

INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year INTERNATIONAL TIDBIT: Reporting Foreign Investments New Requirements for the 2013 Tax Year The last few years have seen increased emphasis on individuals reporting about their foreign investments and penalizing

More information

Facilitators Michael Miles Phil Ferrari

Facilitators Michael Miles Phil Ferrari Product Tax Seminar September 20 21, 2012 Washington, DC 1B: FATCA for Actuaries Chair Howard Stecker Facilitators Michael Miles Phil Ferrari What Actuaries Need to Know About The Impact of FATCA on Insurance

More information

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation?

US Taxpayers Participating in Non US Retirement Plans: When is There an FBAR or FATCA Reporting Obligation? February 29, 2012 Authors: Anubhav Gogna and David W. Powell If you have questions, please contact your regular Groom attorney or any of the attorneys listed below: Anubhav Gogna agogna@groom.com (202)

More information