Sat, May 28, 2016
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

The Good, the Bad and the Ugly faces of FATCA

Monday, July 02, 2012

Beverly Chandler, Opalesque London: More comment on the imminent arrival of 'a perfect storm of new regulation’ with the implementation of FATCA, AIFMD and Dodd Frank comes from Global Perspectives in their latest white paper which focuses on the Good, the Bad and the Ugly dimensions of FATCA.

Shane Brett, managing director, quotes 'Outraged Expat’ from EmergingMarkets.com, saying "FATCA should be re-labeled as FAT CAT - the attitude the US is displaying to the world community, and to its own citizens".

Brett writes: "FATCA (the Foreign Account Tax Compliance Act) is US tax legislation enacted in 2010 and due to come into force on Jan 1st 2013. Put simply FATCA requires all foreign financial institutions to report US account holders to the Inland Revenue Service ("IRS").

As he explains, the US, unlike virtually every other country in the world, taxes its citizens on their worldwide income. "Its citizens are made to report their income on a global basis. FATCA is effectively the IRS extending its long reach internationally into every country on the globe and forcing its financial companies to report to it, to disclosure to it and to withhold tax on its behalf. Essentially FATCA is the IRS ordering foreign institutions to do its dirty work - by making non-US companies act as unpaid tax collectors!"

FATCA compels all Foreign Financial Institutions (known as FFI’s) to identify all U.S. account holders and report this information to the IRS. "The FFI must ......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing


  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Performance - Hedge fund ETFs take a battering, Have long-short credit funds delivered?[more]

    Hedge fund ETFs take a battering From ETFStrategy.co.uk: It was a blow for the hedge fund world when Hillary Clinton’s son-in-law Marc Mezvinsky announced he would be closing his Greek-focused fund after it plummeted in value by 90%, just two years after it launched. For passive investor

  2. Americas - Australian banks sending U.S. hedge funds broke, Ryan Puerto Rico ‘rescue’ bill could be windfall for hedge funds[more]

    Australian banks sending U.S. hedge funds broke From SMH.com.au: US hedge funds are not having the best of years. Profits are hard to find, they're underperforming and the punters are losing patience, withdrawing US$15 billion ($20.8 billion) in the March quarter. They're expected to wit

  3. Investing - Billionaire Wilbur Ross likes the look of Chinese bad loans, Hedge funds are still relevant in a diversified portfolio: 4 fundamental criteria for superior manager selection[more]

    Billionaire Wilbur Ross likes the look of Chinese bad loans From Bloomberg.com: U.S. billionaire Wilbur Ross said he’s considering investing in nonperforming loans in China, as Moody’s Investors Service said that the nation has the tools to prevent a financial crisis in the near term. I’

  4. Investing - Blackstone gives pricey Canadian energy and property thumbs down, One of the most concentrated hedge fund bets is getting crushed, Facebook is hedge funds' new tech darling,[more]

    Blackstone gives pricey Canadian energy and property thumbs down From Bloomberg.com: Canada’s energy assets are uneconomic and real-estate markets overvalued, making them less attractive for investment than in the U.S. and elsewhere, according to Tony James, president of Blackstone Group

  5. Study - Only 30% of institutional hedge fund portfolios beat the benchmark[more]

    Bailey McCann, Opalesque New York: A new study from CEM Benchmarking, an independent provider of cost and performance analysis for pension funds, shows that only 30 percent of institutional investors hedge fund portfolios beat the benchmark after fees. The study provides in depth analysis of real