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ARTICLE · 17 OCTOBER 2011

FATCA: Update On Current Guidance For Non-U.S. Investment Funds

Dechert
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Included as a revenue offset in the Hiring Incentives to Restore Employment Act enacted on March 18, 2010 (the "HIRE Act"), the Foreign Account Tax Compliance Act ("FATCA") adds new chapter 4 sections 1471-1474) to the U.S. Internal Revenue Code of 1986, as amended (the "Code").

United StatesStrategy
Adrienne Baker
Adrienne Baker

Background

Included as a revenue offset in the Hiring Incentives to Restore Employment Act enacted on March 18, 2010 (the "HIRE Act"), the Foreign Account Tax Compliance Act ("FATCA") adds new chapter 4 (sections 1471- 1474) to the U.S. Internal Revenue Code of 1986, as amended (the "Code"). Chapter 4 of the Code imposes new information reporting and withholding requirements on "foreign financial institutions" ("FFIs," which term includes most non-U.S. investment funds, including UCITS funds, hedge funds and private equity funds)1 with respect to certain U.S. investors or account holders ("U.S. accounts").2 Compliance is enforced through a new 30% withholding tax on certain income and gross sales proceeds derived from U.S. sources (referred to as "withholdable payments")3 by non-compliant FFIs.

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