KPMG's professionals can help you understand the requirements of the Foreign Account Tax Compliance Act, the impact on your organisation and the local obligations.
FATCA was enacted by the US Congress to prevent offshore tax abuses by U.S. persons. The rules are wide-ranging and will require non-U.S. financial institutions, investment entities and insurance companies to report details on their US clients and owners.
The consequences of non-compliance are substantial and include a punitive 30-percent withholding tax, penalties and interest, as well as reputational damage. Non-financial foreign companies with cross-border payments may also have FATCA-related reporting requirements.