• Industry: Financial Services, Aviation Finance & Leasing, Banking & Finance, Insurance, Investment Management
  • Type: Business and industry issue, KPMG information
  • Date: 08/04/2014

FATCA: Implications & insights for non-financial foreign entities 

The FATCA obligations outlined in Ireland’s IGA with respect to registration, due diligence, reporting, etc. only extend to Irish entities that are classified as Financial Institutions under Ireland’s IGA. If an Irish entity is not classified as a Financial Institution, it will mostly likely be a Non-Financial Foreign Entity and should not have any FATCA registration or reporting obligations.


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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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