FATCA Pass-Through 2017 A Definitive Guide for Financial Institutions' Compliance

Congress passed the Foreign Account Tax Compliance Act (FATCA) in 2010. FATCA requires both individual taxpayers and foreign financial institutions (FFIs) ... In 2010, Congress passed the Foreign Account Tax Compliance Act (FATCA), to reduce tax evasion by US taxpayers holding funds in foreign accounts. This has now been deferred two years to 1 January 2017. 2. Grandfathering protection from passthru withholding extended. It was highly ... ... FATCA, providing guidance on a wide range of issues under FATCA's ... foreign "passthru payments" until January 1, 2017. The proposed ... account holders before January 1, 2017. The proposed regulations ... FATCA withholding on foreign passthru payments begins. Full ... The 2017 Chapter 4 regulations provide that such withholding will begin on January 1, 2019. Many U.S. and foreign financial institutions, ... ... Foreign Account Tax Compliance Act ("FATCA"). FATCA is the government's ... passthru payments made after January 1, 2017. Additionally ... Many foreign financial institutions have objected to FATCA on the basis that ... foreign pass thru payments until January 1, 2017, two years later than in. passthru payments starting in 2017. II. Grandfathered obligations: FATCA reporting and withholding will not apply to a payment under any ... The withholding tax is a 30% tax on “withholdable payments.” F.A.T.C.A. also requires participating F.F.I.s (“P.F.F.I.s”) to withhold on “passthru payments” ...