Decoding FATCA Passthru Payments A Comprehensive Overview (2019)

Such an FFI would be treated as a. Participating FFI (PFFI). 8. What are the consequences to an FFI of not complying with FATCA? Non-compliance potentially ... ... payments of gross proceeds, deferred withholding on foreign pass thru payments, eliminated withholding on certain insurance premiums, and clarified the ... Extension of FATCA Transitional Rules for Gross Proceeds, Foreign Passthru Payments ... Withholding on Foreign Passthru Payments delayed until 2019, 11, 1471(b)(1 ... ... foreign passthru payments. These provisions represent a significant burden reduction for SIFMA member firms complying with FATCA. There are ... This document provides a notice of public hearing on proposed regulations eliminating withholding on payments of gross proceeds, deferring ... The regulations reserve on the definition of a foreign passthru payment, but do provide that a participating FFI does not have to withhold on a foreign passthru ... Specifically, a withholding agent will be required to begin FATCA withholding on withholdable payments made after June 30, 2014, on payments ... alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden. 3. Development of ... ... FATCA withholding on gross proceeds until 2019. ... payment or other payment to the extent attributable to a withholdable payment. ... foreign passthru payment." ... Foreign passthru payments made to recalcitrant account holders and nonparticipating FFIs by a participating FFI are also subject to withholding; ...