Regulatory challenges are ever more stringent with BASEL lll and FATCA raising the complance bar for bank reporting. Come to our free seminar to learn more and to find out how BRSANALYTICS will help.
BRS ANALYTICS Seminar, Dubai
Where: Microsoft Gulf FZ – LLC, Palm Room, Building no. 8, Dubai Internet City, Dubai, U.A.E.
When: 0900-1300 18 September 2013
To Register : please email events@synergy-software.com or call Sharmili Shende on 0097143365589
View on line: http://www.brsanalytics.com/news-events/18-computime-and-synergy-software-to-host-half-day-seminar-on-basel-iii-and-fatca.html
FATCA, which was ratified by the U.S. Congress in March 2010, is designed to curb tax abuses by U.S. persons who hold assets through offshore accounts or structures. It introduces a complex withholding tax system which penalises non-U.S. financial institutions and other entities that refuse to disclose the identities of their American clients FATCA comes into force in several countries in 2013, and reporting on U.S. accounts starts in 2014.
FATCA requires non-U.S. foreign financial institutions (FFIs) and non-U.S. non-financial entities (NFFEs) to identify and disclose their U.S. account holders and members or become subject to a new 30% U.S. withholding tax (the FATCA withholding tax) with respect to payments of U.S. source income and proceeds from the sale or disposition of U.S. stocks and securities.
Who does FATCA impact and how?
FATCA is mainly targeted at FFIs. Under FATCA, FFIs will have to:
1. Enter into agreements with the IRS under which they will be bound by a number of reporting obligations
2. Determine whether an account is a U.S. account by obtaining sufficient information from account holders
3. Identify U.S. account holders and report electronically on an annual basis information regarding their assets as well as the name, address and U.S. taxpayer identification number (TIN) of all U.S. persons, their account number, account balance, the net payments in favour of the account and the net withdrawals/payments from the financial account (U.S.& non-U.S.)
4. Obtain a waiver from each accountholder if required by the law of the FFI’s country
BRSANALYTICS will be an important final part to the puzzle for those institutions that aim to become fully compliant with FATCA and carry on their business activity with minimal or no adverse repercussions.
This is the first of a two part article.
(See us at Gitex in Hall 7, on stand 0710)
