Foreign Account Tax Compliance Act (FATCA)

Compliance

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Course trailer

Foreign Account Tax Compliance Act (FATCA)

Introduction

The Foreign Account Tax Compliance Act (FATCA), which was passed as part of the Hiring Incentives to Restore Employment (HIRE) Act, generally requires that foreign financial Institutions and certain other non-financial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on with-holdable payments. FATCA is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. 

FATCA requires certain foreign financial institutions to report directly to the IRS information about financial accounts held by U.S. taxpayers or by foreign entities in which U.S. taxpayers hold a substantial ownership interest. The reporting institutions will include not only banks, but also other financial institutions, such as investment entities, brokers, and certain insurance companies. Some non-financial foreign entities will also have to report certain of their U.S. owners.

Course goals:

The learning outcomes of the course will allow participants to:

  • Have a deeper understanding of the filing requisites of FATCA;
  • Have a guide for future FATCA classification and reporting exercises;
  • Devise better on-boarding process of clients in line with FATCA; and
  • Devise better ongoing monitoring process of clients in line with FATCA.

Duration of course:

Expected to be delivered and completed within 51 minutes.

COURSE OUTLINE

  • Section 1: Introduction to FATCA | Classification Excercise
  • Section 2: Due Diligence Exercise | Entry Classification | Reporting Exercise | Worked Examples

Course tutor

Nadiah Ramsamy

Barrister-At-Law / Cross-Border Transactions Specialist

About our tutor

Nadiah specialises in both domestic and international taxation and also advises clients on cross-border transactions. She has significant experience in assisting clients at all stages of their tax disputes and also advises her clients on tax implications of various transactions.