Details

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

FATCA Implications and Insights for the Investment Management Industry 

September 2013

 

The scope of FATCA as applied to the Investment Management industry remains sweeping and meeting the complex FATCA obligations may have significant business and operating model implications for funds and investment management firms. In addition to these challenges, firms that do business in multiple jurisdictions may be subject to a dynamic mix of obligations as defined under IGAs, most of which are not yet finalised, and/or the US Regulations.

FATCA Implications and Insights for the Investment Management Industry
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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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