Unlocking the Power of FATCA Passthru 2017 for Enhanced Compliance

... 2017 in any case. Understandably, however, parties to non-US ... foreign passthru payments (Treas. Reg. § 1.1471- 2(b)(2)(i)(B)). 6 ... In June 2017, the IRS published corrections to the FATCA and chapter ... foreign passthru payment.” The Preamble reiterates that the ... Controversially, FATCA orders every foreign bank to track down ... foreign passthru payments before January 1, 2017. Until withholding ... The IRS issued proposed regulations under the Foreign Account Tax Compliance Act (FATCA) regarding withholding on certain payments that was ... 1474, commonly referred to as FATCA) requires withholding agents to withhold 30% of certain payments to a foreign financial institution (FFI) ... Moreover, the proposed regulations delay withholding on foreign passthru payments until 2017 at the earliest. Extension of the Transition ... 2017 (see the Appendix for a FATCA timeline). • Position of UK ... apply FATCA withholding on passthru payments to others. Under the ... Congress passed the Foreign Account Tax Compliance Act (FATCA) in 2010. FATCA requires both individual taxpayers and foreign financial institutions (FFIs) ... • FATCA Transitional Rules for Gross Proceeds and Foreign Passthru Payments ... withholding from the original 1st January 2017 to the new starting ... Foreign passthru payment withholding is deferred until January 1, 2017. However, Participating FFIs generally will be required to report ...