Australia

Details

  • Service: Tax, Topics, Financial Services Regulation, FATCA
  • Industry: Financial Services, Banking, Investment Management, Insurance, Superannuation, Private Equity, Real Estate & Construction
  • Type: Regulatory update
  • Date: 30/03/2011

FATCA Update

FATCA: Where are we now?
This series provides an update on the status of the Foreign Account Tax Compliance Act (FATCA).

FATCA: Where are we now? Issue 1 - March 2011 

An update on implementation of the Foreign Account Tax Compliance Act (FATCA) as at March 2011.
FATCA: Where are we now? cover
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Key insights

  • Treasury and Internal Revenue Service (IRS) officials have released Notice 2010-60 which provide some guidelines on FATCA legislation.
  • This legislation, enacted to prevent offshore tax abuses by U.S. persons, includes a new withholding regime that is designed to achieve intent by imposing a 30 percent withholding tax on certain foreign entities that refuse to disclose the identities of these U.S. persons.
  • FATCA requirements will require significant systems enhancements, changes to the controls and procedures utilised when opening new accounts, and the reworking of many operational processes.
  • This will require a devoted, multi-functional, project team. This is more than a ‘tax project’.
 

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