The Full Impact Of FATCA

Law360, New York (March 21, 2013, 10:46 AM EDT) -- The Internal Revenue Service has now issued final regulations covering most aspects of the Foreign Account Tax Compliance Act (FATCA). Ostensibly aimed at locating offshore investments by U.S. taxable individuals, FATCA imposes new certification, diligence and reporting rules on foreign financial institutions (FFIs). These obligations are subject to a three-year phased-in implementation period beginning Jan. 1, 2014.

FATCA broadly operates by imposing a new 30 percent withholding tax on certain U.S.-related payments made to FFIs unless they are FATCA compliant. FATCA focuses on the FFIs as...
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