Switzerland

Details

  • Service: Audit
  • Type: Business and industry issue
  • Date: 9/27/2011

FATCA also affects industrial companies 

Under the Foreign Account Tax Compliance Act (FATCA), foreign financial institutions operating in the USA are to be subject to the same reporting regulations that apply to US providers of financial services. However, the regulations also have serious consequences for companies outside of the finance industry, as experts from KPMG illustrate.
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FATCA Competence Center

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FATCA was adopted by the U.S. congress as part of the HIRE Act on 10 March 2010. FATCA follows the guidelines of the “US Stop Tax Haven Abuse Act 2009” and aims primarily at preventing tax evasion by U.S. persons.