Sat, Oct 25, 2014
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

Banner

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. Commodities - Oil wreaking havoc on small-cap energy stocks sliding 36%[more]

    From Bloomberg.com: Owning almost anything in the U.S. stock market has been a losing proposition since September. Owning smaller energy companies has been a catastrophe. Hercules Offshore Inc. and Resolute Energy Corp. are among 19 oil-and-gas equities in the Russell 2000 Index that lost more than

  2. Investing - Hedge funds favor equity long/short, Strategic bond managers hedge against further high yield sell-off[more]

    Hedge funds favor equity long/short From Securitieslendingtimes.com: Equity long/short strategies will generate good returns for hedge funds in the future, according to a panel at this year’s Risk Management Association Conference on Securities Lending in Naples, Florida. Panellists Sand

  3. Legal - Ex-hedge fund analyst weeps as judge hands down 5 year sentence, Former Columbus investment manager Steven P. Moore indicted on theft charges, SEBI confirms ban for Hong Kong hedge fund, SEC announces enforcement action against compliance officer[more]

    Ex-hedge fund analyst weeps as judge hands down 5 year sentence From Hereisthecity.com: An ex-hedge fund analyst was sentenced to 5 years in prison for his role in insider-trading scheme. The New York Post reports that former hedge fund analyst Matthew Teeple was sentenced Thursday to fiv

  4. Goldman in talks to acquire IndexIQ[more]

    From Bloomberg.com: Can Goldman Sachs put ETF investors on a liquid diet? Goldman is in talks to acquire IndexIQ, Reuters has reported. Index IQ is a small exchange-traded-fund firm known mostly for products that replicate hedge fund strategies, called "liquid alternative" ETFs. While IndexIQ has 11

  5. Other Voices: CALPERS dilemma should be a warning to hedge funds wanting institutional investors[more]

    From Ian Hamilton, founder of IDS Group. A quick comment on the CALPERS’ disinvestment from the hedge fund market and the jitters it is causing. Pension Funds should not be sheep and follow CALPERS’ decision as the issues that CALPERS has with hedge fund investments are in many ways unique t