China

How KPMG can help 

Foreign Account Tax Compliance Act (FATCA)

 

KPMG is uniquely positioned to assist your organisation with all facets of FATCA compliance and can provide a cross-functional team to address the various components of a FATCA implementation project. Specific to this, we have, over the past decade, built a highly successful global U.S. withholding tax network. Capitalising on our well-established model for meeting client needs with respect to the existing U.S. withholding regime and, in particular, the rules relating to qualified intermediaries, we have an established network dedicated personnel specialising in U.S. withholding tax matters, including FATCA, in Hong Kong and China.

Tax Advisory Team

 

Our Tax Advisory team is well versed in the new legislation and can provide advice on the technical complexities of implementing FATCA in an organisation. This includes:

• Interpreting the impact of the legislation 
• Working with the business divisions to understand the effect on processes and systems. 

 

Business Performance and Technology Team

 

Our Business Performance team has business process and change management experience and can assist with the interpretation of the impact on processes and systems. This includes:
• Developing new target processes 
• Gap analysis 
• Remediation and implementation planning 
• Business requirements development  
• IT architecture roadmap design  
• Project and change management to ensure that initiatives are implemented in the most cost efficient but effective way.

 

Regulatory Compliance Team

 

Our Regulatory Compliance team has significant experience in working with financial institutions on:
• Regulatory reporting 
• Regulatory compliance 
• The implementation of AML and KYC programmes. 

 

They will help re-design the target processes for these specific areas that are impacted by FATCA.

 

FATCA related services

 

TaxNewsFlash

Since the enactment of the Foreign Account Tax Compliance Act (FATCA) in March 2010, the IRS issued several rounds of preliminary guidance prior to the release of proposed regulations on February 8, 2012. KPMG has prepared an analysis that examines these provisions.

 

The Treasury Department and IRS released for publication in the Federal Register proposed regulations (REG-121647-10) as guidance concerning information reporting by foreign financial institutions for U.S. accounts.

 

The IRS released an advance copy of Notice 2011-53 which provides a timeline for the implementation of information reporting and withholding provisions under chapter 4 of the Code (referred to as "FATCA").

 

 

Sign up now

Subscribe to receive email alerts or e-Newsletters from KPMG China when new updates are available.

 

 

Contact us

Submit an enquiry

Submit an enquiry about our services, industry practices, or get in touch with one of our professionals.