Switzerland

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  • Service: Financial Services
  • Date: 8/29/2011

Creating Clarity around FATCA − IRS Notice 2011-53 

On 15 July 2011 the IRS released Notice 2011-53 (“the Notice”) which for the first time provides a clear timeline for the implementation of client identification and documentation requirements as well as reporting and withholding provisions under Chapter 4 of the Code (referred to as “FATCA”) and defines the time point at which the FFI must be signed with the IRS. Furthermore, certain substantive and procedural matters, which will be addressed in regulations to be issued by Treasury and the IRS in the future, are discussed in the notice as well.
Cover Image Creating Clarity around FATCA − IRS Notice 2011-53
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In the second part of our article, we answer some key questions out of FATCA projects as many questions were raised during our discussions with hundreds of FFIs around the globe. Read more…
 

FATCA Competence Center

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.