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ARTICLE · 23 JANUARY 2013

Final FATCA Regulations Issued: Let The Compliance Begin

PwC Malta
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Stakeholders patiently waiting for guidance regarding the Foreign Account Tax Compliance Act need not wait any longer.

MaltaGovernment, Public Sector
David Ferry
David Ferry

IN BRIEF

Stakeholders patiently waiting for guidance regarding the Foreign Account Tax Compliance Act (FATCA) need not wait any longer -- final regulations were issued along with a press release on January 17, 2013. FATCA was enacted as part of the Hiring Incentives to Restore Employment Act (HIRE Act) on March 18, 2010 to serve as an administrative tool to prevent and detect US tax evasion and improve taxpayer compliance. As a result, chapter 4 (Sections 1471 - 1474) was added to Subtitle A of the Internal Revenue Code. Chapter 4 expands the US information reporting regime by imposing documentation, withholding, and reporting requirements on payments to Foreign Financial Institutions (FFIs) and Non-Financial Foreign Entities (NFFEs).

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