Details

  • Industry: Financial Services, Investment Management
  • Type: KPMG information
  • Date: 21/10/2013

FATCA implications & insights for the banking sector 

September 2013

 

FATCA’s complex information reporting and withholding tax 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’s complex information reporting and withholding tax obligations will significantly impact multiple functions within a bank.

The issuance of Notice 2013-43 by the IRS on 12 July 2013 delayed the commencement of FATCA from 1 January 2014 to 1 July 2014. Given the amount of work involved to understand the impact of FATCA and update procedures/ controls where required, it is critical that organisations move forward with their project planning and implementation programs now.

 

FATCA contacts

Kevin Cohen, FATCA partner

Kevin Cohen

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Partner - FATCA 

kevin.cohen@kpmg.ie
+353 1 410 2369

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Rachel Hewitt

Rachel Hewitt
Manager, Tax  

rachel.hewitt@kpmg.ie

+353 1 700 4392

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FATCA & its impact on your business

The Foreign Account Tax Compliance Act (“FATCA”) requires Foreign Financial Institutions (“FFIs”) to register and report information on accounts held by US persons and certain US controlled foreign entities.  Failure to comply will result in a 30% withholding tax penalty on certain US sources of income beginning 1 July 2014.

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