FATCA for Foreign-Based Non-Financial Entities: The Sequel

This article is the sequel to "FATCA for Foreign-Based Non-Financial Entities: A Primer" and looks to provide further guidance to foreign-based multinational corporations (MNC) as they prepare for compliance with the Foreign Account Tax Compliance Act (FATCA) in light of the final US Treas...

Full description

Saved in:
Bibliographic Details
Published in:Tax Management International Journal 2013-08, Vol.42 (8), p.455
Main Authors: Moens, Bernard, Lucchesi, Janice, Gorman, Heather
Format: Article
Language:English
Subjects:
Accounts payable
Compliance
Financial institutions
Financial services
Foreign Account Tax Compliance Act 2010-US
Foreign business
Multinational corporations
Registration
Tax legislation
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This article is the sequel to "FATCA for Foreign-Based Non-Financial Entities: A Primer" and looks to provide further guidance to foreign-based multinational corporations (MNC) as they prepare for compliance with the Foreign Account Tax Compliance Act (FATCA) in light of the final US Treasury Department (Treasury) regulations released on Jan 17, 2013 (Final Regulations). The primary focus of this article is not to provide a general overview of the statutory and regulatory framework; rather, it is to highlight the key changes facing MNCs under the Final Regulations, as compared to the proposed FATCA Treasury regulations released on Feb 15, 2012 (Proposed Regulations). Consistent with our earlier article, this article focuses on entities that are not engaged in the financial services industry. Many MNCs, whether US-based or foreign-based, operating outside the financial services industry have deferred serious consideration of FATCA compliance.
ISSN:0090-4600
1544-0761