• Service: Tax, US Corporate Tax, Advisory, Risk Consulting
  • Type: Business and industry issue
  • Date: 12/19/2013

FATCA: What You Need to Know - Implications and Insights for Non-Financial Groups 

FATCA is a new information reporting regime from the US.  Although FATCA's primary impact is on foreign financial institutions, non-financial groups and entities are also subject to FATCA in their role as a US payor/withholding agent or as a foreign payee/recipient of payments subject to FATCA.  As such, FATCA will impose additional compliance requirements on non-financial groups.  In cases where insufficient disclosures are made, the US payor/withholding agent will be required to withhold a 30 percent tax from such payments.