China

Details

  • Service: Tax, US Corporate Tax, Advisory, Risk Consulting
  • Industry: Financial Services, Banking
  • Type: Business and industry issue
  • Date: 8/19/2013

FATCA: What You Need to Know - Implications and Insights for Banking 

On January 17, 2013, the Department of Treasury and the Internal Revenue Service (IRS) released the long-awaited final regulations for the Foreign Account Tax Compliance Act (FATCA). Enacted to combat offshore tax abuses by US citizens and residents, FATCA’s complex information reporting and withholding obligations will significantly impact multiple functions within a bank, including tax, legal, operations, and compliance. It will also impact decisions relating to business models and products, as well as market and distribution strategies.

 

FATCA: Implications and Insights for Banking
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