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About FATCA

What is FATCA? Who are the parties concerned?
Foreign Account Tax Compliance Act (FATCA) is the law of the United States enacted to enforce non-U.S. financial institutions located outside the United States (Foreign Financial Institution or FFI) to:
  • Report account details and financial transactions of U.S. individuals and U.S. juristic persons who are clients of an FFI to Internal Revenue Service (IRS) enabling IRS to monitor information of U.S. citizens, U.S. residents, and U.S. juristic persons, specifically income from sources outside the United States effective 1st July 2014 going forward;
  • Withhold tax at 30% of the income sourced directly or indirectly from or with reference to U.S. securities paid to clients who do not comply with FATCA (recalcitrant account holders) and remit the withheld amount to IRS.

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