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Fatca rules ease concern, but worries remain
10 February 2012
The regulations announced by the US Treasury department and International Revenue Service (IRS) on Wednesday include substantial modifications to the preliminary IRS guidance on Fatca, but questions remain unanswered. Annabelle Palmer reports
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Fatca
IRS
US Treasury
Deloitte
KPMG
Industry reaction to the Foreign Account Tax Compliance Act (Fatca) proposals announced this week is that while administrative burdens have been lifted, challenges remain.
Fatca enforces the disclosure of US taxpayers and therefore hopes to capture all potential tax revenue that is payable on the worldwide income of US citizens. It requires all firms earning income on US assets to report on this fact, or else face a 30% withholding tax.
The cost of compliance has been a concern for asset managers globally. The general sentiment is that Fatca is onerous and impacts many funds that have never before been associated with US tax evasion
While this opinion might still remain, the 400 page regulations announced by the US Treasury department and International Revenue Service (IRS) on Wednesday include substantial modifications to the preliminary IRS guidance on Fatca.
“It’s clear the Treasury and the IRS have paid attention to a...
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