• Service: Tax, Financial Services, Regulatory Services
  • Type: Business and industry issue
  • Date: 1/27/2014

FATCA readiness for Swiss Non-Financials 

Although FATCA’s primary impact is on foreign financial institutions (FFIs), non-financial groups and entities are also subject to FATCA in their role as a US payor/withholding agent or as a foreign payee/recipient of payments subject to FATCA. As such, FATCA will impose significant compliance requirements on non-financials groups.
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Therefore, both domestic and multinational enterprises are well-advised to familiarize themselves with the Foreign Account Tax Compliance Act (FATCA) requirements to find out whether they could be considered to be a Foreign Financial Institution (FFI) or a Non-Financial Foreign Entity (NFFE).

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.