Switzerland

Details

  • Service: Financial Services
  • Type: Business and industry issue
  • Date: 1/31/2013

FATCA - KPMG's initial analysis of final regulations 

Final regulations for the Foreign Account Tax Compliance Act (FATCA) were released by the U.S. Treasury Department and the IRS on 17 January 2013. Preliminary guidance as well as proposed regulations existed since FATCA was enacted in March 2010.
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The final regulations contain some changes of which the most important ones are certainly related to the Treasury and IRS's intent to harmonize the final regulations with the requirements to be found in the IGAs. The new definition of a foreign financial institution is clearly the most relevant modification. Moreover, the recently released final regulations brought some relief regarding issues such as account documentation, validity periods of documentation as well as associated due diligence.

 

For further information please download the PDF attached.