Enacted in March 2010, the Foreign Account Tax Compliance Act (FATCA) was conceived as a means to ensure the collection of tax revenues for U.S. persons holding offshore accounts with foreign financial institutions (FFIs). Broadly, this law imposes a new withholding and reporting regime upon all FFIs that invest directly or as an intermediary in U.S. assets. These withholding and reporting requirements add another layer of rules to the existing withholding and reporting rules, including the Qualified Intermediary regime.
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