tailieunhanh - Foreign Account Tax Compliance Act (FATCA) Implications for Banks

In addition, the marketing provisions of the AIFM Directive do not apply to the marketing of AIF’s shares or units that are subject to a current offer to the public on an EU-regulated stock exchange under a prospectus that has been drawn up and published in accordance with the Prospectus Directive (Directive 2003/71/EC) before mid-2013, as long as this prospectus is still valid. Small and mid-sized AIFMs falling below the de minimis thresholds4 are expected to be allowed to continue marketing cross-border in the EU under national PPRs, subject to additional conditions set by the Directive. This may continue to be. | What is FATCA The . government intends to combat tax evasion from the United States more intensively. As such the Foreign Account Tax Compliance Act FATCA was enacted into law on 18 March 2010. It will impose a 30 withholding tax on . source income unless the financial institution enters into an agreement with the IRS and reports its . customers. Who is impacted Any bank invested in the . market for its customers accounts or for its own account and Any bank which is part of a group which invests in the . market for its customers accounts or for its own account. Overview of FATCA The provisions are additional and not substitutive to the current QI regime already in place. Under FATCA a 30 withholding tax is applied on any payment interest dividend or sales proceeds on . securities made to a Foreign Financial Institution unless it agrees to Identify . accounts Comply with verification and due diligence procedures Perform annual reporting Deduct and withhold 30 from any passthru payment made to a recalcitrant account holder or another institution without an FFI agreement and Documentation Withholding Reporting Notice 2010-60 released on 27 August 2010 sets forth the general framework for implementing FATCA. Further implementation guidelines are still to come. Highlights Provisions apply as from 1 January 2013 on payments of interest dividend or sales proceeds on . securities In absence of an agreement with the IRS a 30 withholding tax will apply on payments of interest dividend or sales proceeds on . securities Additional reporting and withholding obligations compared to the current QI regime Enlarged due diligence and documentation requirements Obligation to withhold 30 . withholding tax on payments made to recalcitrant account holders . customers refusing disclosure and non . customers without proper FATCA documentation and Annual Reporting of all assets held indirectly or directly by . persons. Comply with requests for .

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