An Update on Foreign Account Tax Compliance Act (FATCA) July 11, 2014 A. F. FERGUSON & CO. A member firm of the PwC network

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1 An Update on Foreign Account Tax Compliance Act (FATCA) July 11, 2014

2 2 General The deadline for agreeing in-substance IGA with the US government expired on June 30, Pakistan, which was contemplating to enter into an IGA Model 1 has not been able to finalise the agreement with the US government. Now, Pakistan falls in the list of non-iga countries. Accordingly, withholding and certain other provisions of FATCA are applicable for financial institutions in Pakistan including banks. Resultant status: Key withholding requirements in non-iga scenario Banks/ other financial institutions in Pakistan that have already registered with IRS will now be responsible to withhold 30% FATCA tax on payments in respect of US source FDAP income to be made to non-participating FFIs or recalcitrant accounts with effect from July 1, 2014 for any account opened after June 30, FDAP represents Fixed, Determinable, Annual or Periodic sums and includes income such as dividends, interest, salaries, wages, pensions/annuities, royalties, commissions etc. In relation to preexisting accounts, preexisting entity accounts that are undocumented prima facie FFIs, FATCA withholding will be applicable from January 1, Withholding on preexisting recalcitrant high-value individual accounts will be applicable from July 1, Withholding on all other preexisting recalcitrant individual accounts and undocumented entity accounts will begin from July 1, FATCA withholding on gross proceeds and foreign pass-thru payments will begin no earlier than January 1, Process and Procedure Limited FFI/branches of banks will be treated as non-participating FFIs for all withholding purposes. The FATCA withholdings shall be maintained by the banks/ other financial institutions in a separate account. The withheld amount will be deposited with the IRS on a monthly, quarter-monthly or annual basis depending upon the aggregate amount of tax required to be withheld and other applicable rules as provided in the FATCA regulations, through electronic funds transfer. For reporting the amount withheld on payments made to a recalcitrant account holder or non-participating FFI, Form 1042-S should be completed by the bank. Form S should be filed with the IRS on or before March 15 of the calendar year following the year in which the amount subject to reporting was paid.

3 3 Given the nature of their operations, most financial institutions in Pakistan may only be exposed to a very limited FATCA withholding obligation, since under section (a)(4)(i) of FATCA regulations, there is an exception to withholding. This aspect has been explained in the regulations by an illustration as follows: A, an individual, owns stock in DC, a domestic corporation, through a custodian, Bank 1, that is a participating FFI. A also has a money market account at Bank 2, which is also a participating FFI. DC pays a dividend of $1,000 that is deposited in A's custodial account at Bank 1. A then directs Bank 1 to transfer $1,000 to A's money market account at Bank 2. With respect to the payment of the dividend into A's custodial account with Bank 1, both DC and Bank 1 are withholding agents making a withholdable payment for which they have custody, control, and knowledge. See (a)(2)(vii)(B) and (d). Therefore, both DC and Bank 1 have an obligation to withhold on the payment unless they can reliably associate the payment with documentation sufficient to treat the respective payees as not subject to withholding under chapter 4. With respect to the wire transfer of $1,000 from A's account at Bank 1 to A's account at Bank 2, neither Bank 1 nor Bank 2 is required to withhold with respect to the transfer because neither bank has knowledge of the facts that gave rise to the payment. Even though Bank 1 is a custodian with respect to A's interest in DC and has knowledge regarding the $1,000 dividend paid to A, once Bank 1 credits the $1,000 dividend to A's account, the $1,000 becomes A's property. When A transfers the $1,000 to its account at Bank 2, this constitutes a separate payment about which Bank 1 has no knowledge regarding the type of payment made. Further, Bank 2 only has knowledge that it receives $1,000 to be credited to A's account but has no knowledge regarding the type of payment made. Accordingly, Bank 1 and Bank 2 have no withholding obligation with respect to the transfer from A's custodial account at Bank 1 to A's money market account at Bank 2.

4 4 Global status of IGA negotiation as of June 30, 2014: Countries which have signed Model 1 IGA: Australia Guernsey Belgium Hungary British Virgin Island Honduras Canada Ireland Cayman Islands Isle of Man Costa Rica Israel Denmark Italy Estonia Jamaica Finland Jersey France Latvia Germany Liechtenstein Gibraltar Luxembourg Countries which have agreed in substance to Model 1 IGA: Algeria Greenland Antigua and Barbuda Grenada Azerbaijan Guyana Bahamas Haiti Bahrain India Barbados Indonesia Belarus Kosovo Brazil Kuwait Bulgaria Malaysia Cabo Verde Montenegro China Lithuania Columbia Panama Croatia Peru Curacao Poland Czech Republic Portugal Cyprus Qatar Dominica Romania Dominican Republic St. Kitts and Nevis Georgia St. Lucia Countries which have signed Model 2 IGA: Austria Chile Bermuda Japan Countries which have agreed in substance to Model 2 IGA: Armenia Nicaragua Hong Kong Moldova Iraq Paraguay Malta Mauritius Mexico Netherlands New Zealand Norway South Africa Spain Slovenia United Kingdom St. Vincent and the Grenadines Saudi Arabia Serbia Seychelles Singapore Slovak Republic South Korea Sweden Thailand Turkey Turkmenistan Turks and Caicos Islands Ukraine United Arab Emirates Switzerland San Marino Taiwan

5 5 This update should not be considered as professional opinion/ advice on any matter as this note summarises the key matters and requirements of FATCA for the guidance of the stakeholders in general. This update can also be accessed on our web-site If you have any query or need any clarification, please free to contact our FATCA team comprising the following: Karachi Office Lahore Office Islamabad Office Saad Kaliya Syed Faraz Anwer Asif Haroon Muhammad Raza Shahbaz Akbar Noman Abbas Sheikh Umair Yusuf Executive Director Imran Mian Muhammad Imtiaz Aslam

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