Unlocking the FATCA Pass-Through Payment Puzzle in 2019

THIS AGREEMENT is dated 26 March 2019 ... in relation to a “passthru payment” described in ... ” means a deduction or withholding from a payment under a Finance ... When enacted, FATCA was projected by the Joint Committee on. Taxation to raise $1 billion in revenues per year by 2019, which is a small share ... ... FATCA. Whereas, the Government of Australia and the Government of the ... foreign passthru payment and gross proceeds withholding that minimizes burden. Withholding on payments of gross proceeds would be removed from the regulations; · There would be a deferral of withholding on foreign pass thru ... 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 ... Foreign passthru payments made to recalcitrant account holders and nonparticipating FFIs by a participating FFI are also subject to withholding; ... ... payments of gross proceeds, deferred withholding on foreign pass thru payments, eliminated withholding on certain insurance premiums, and clarified the ... The Proposed Regulations would defer the withholding requirement on a Foreign Passthrough Payment made to nonparticipating FFIs or recalcitrant ... Elimination of foreign passthru payment withholding · The Treasury and IRS efforts in promoting FATCA have achieved a wide global coverage of IGAs, including ... 1474, commonly referred to as FATCA) requires withholding agents to withhold 30% of certain payments to a foreign financial institution (FFI) ...