Wed, Feb 22, 2017
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Compliance and legal firms examine implications of FATCA

Tuesday, July 31, 2012

From Komfie Manalo, Opalesque Asia: The Foreign Account Tax Compliance Act also known as FATCA, is a U.S. tax legislation that was enacted in 2010 and due to come into force on January 1, 2013. Among other things, the purpose of FATCA is to compel non-U.S. banks, financial intermediaries, investment vehicles and certain insurance companies or Foreign Financial Institutions to report information on accounts held by U.S. persons to the IRS.

International law firm Clifford Chance on Tuesday issued a paper to give industry players a comprehensive look into the proposed FATCA regulations.

According to the law firm, the U.S. Treasury Department and the U.S. Internal Revenue Service recently published proposed regulations implementing FATCA which provide guidance on how the IRS will apply new U.S. tax compliance rules beginning in 2014 to non-U.S. banks, financial intermediaries and investment vehicles.

FATCA imposes a 30% withholding tax on certain payments to FFIs that do not enter into a formal agreement with the IRS. The withholding tax also is imposed on payments to certain persons that refuse to provide identifying information or waive the benefit of customer privacy laws that would prevent reporting to the IRS under an FFI Agreement.

Shane Brett, managing director at Global Perspectives, borrowed the label 'FAT CAT’ f......................

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. People - Kuwait wealth fund head Al Saad said to step down after 14 years[more]

    From Bloomberg.com: Kuwait Investment Authority is set to name Farouk Bastaki as managing director, replacing Bader Al Saad who ran the world's fifth-largest sovereign wealth fund for 14 years, a person familiar with the matter said. The KIA, as the fund is known, is finalizing the appointment, said

  2. Manager Profile - Eddie Lampert: a painful entanglement with Sears[more]

    From Moneyweek.com: "In the long run we are all dead." Lex in the Financial Times reached for the famous quote from John Maynard Keynes in January when, after a long and unforgiving decline, the clock finally appeared to be running out on Sears, the iconic US department store group. Yet the group's

  3. Investing - Hedge funds quit Aberdeen shorts as shares begin to recover, Hedge funds' next big short: U.S. malls, O'Connor fund owns 9.5% of Protalix Biotherapeutics, U.S. hedge fund takes position in Macau hotel The 13[more]

    Hedge funds quit Aberdeen shorts as shares begin to recover From Investmentweek.co.uk: The last two hedge funds to short Aberdeen Asset Management have removed their positions, as the fund group's shares begin to show signs of recovery after a difficult few years. According to the Financ

  4. Latin America, high yields and Asia Pacific strategies dominate hedge fund returns in January[more]

    Komfie Manalo, Opalesque Asia: Latin America (+7.04%), high yield (5.63%), and Asia-Pacific (+5.06%) strategies dominated hedge fund performance in January, data provider Hennesee Fund Research said. The bottom three strategies for the mont

  5. Investing - Hedge funds loading up on this dividend stock, The biggest hedge funds have been piling into bank stocks[more]

    Hedge funds loading up on this dividend stock From Incomeinvestors.com: Hedge funds are backing up the truck on Cameco Corp stock. Billionaire Jim Simons owns 389,000 shares. Other Wall Street titans - including Ray Dalio, Ken Griffin, and Chuck Royce - have been quietly building positio