Ireland

Details

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

FATCA Implications and Insights for Insurance Companies 

September 2013

 

FATCA is not merely a tax issue. While FATCA is designed to prevent offshore tax abuses by US citizens and residents, the withholding tax and reporting obligations have implications for affected institutions’ business models and products, as well as marketing and distributions strategies. Some insurance groups are far along in the FATCA readiness process, while others are just taking first steps to assess their organisations and put their FATCA on boarding and compliance programs in place.

Regardless of where your company stands in the process, or how large or small the impact of FATCA is for your organisation, Ireland’s IGA (and the broader FATCA regime) requires a response. With the issuance of IRS Notice 2013-43 on 12 July 2013 to push out the commencement of FATCA from 1 January 2014 to 1 July 2014, it is unlikely that the timeline for compliance will be extended further.

 

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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