FATCA Pass-Through Payments A Comprehensive Guide for Global Businesses in 2017

o U.S. credit union FATCA due diligence and withholding begin January 1, 2017 ... (“foreign passthru payment” will be defined in a future IRS ... After months of waiting, the Treasury Department (“Treasury”) released proposed Foreign Account Tax Compliance Act (“FATCA”) “withholdable ... The proposed regulations defer withholdings on pass-through payments. A pass-through payment is any payment made by a foreign financial ... Annual FATCA reporting will be done on new IRS Form 8966 (FATCA Report), which the Preamble announces that the IRS will release in the near ... ... foreign passthru payments before January 1, 2017. Instead, until withholding applies, to reduce incentives for nonparticipating FFIs to use participating ... ... passthru payments” (pay- ments attributable to withholdable payments) made to ... foreign pass thru payments until January 1, 2017, two years later than in. ... 2017: Beginning of withholding tax on other US payments (gross proceeds…). What is the FATCA? Participating Foreign Financial Institutions (PFFI) ... In 2010, Congress passed the Foreign Account Tax Compliance Act (FATCA), to reduce tax evasion by US taxpayers holding funds in foreign accounts. ... 2017, or the date of publication in the Federal Register of final regulations defining foreign passthru payment. As announced in Notice 2015 ... ... foreign passthru payments will begin;. (2) the use of limited ... For a payment made on or after January 1, 2017, a withholding agent ...