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ARTICLE · 22 AUGUST 2013

FATCA - Registration Portal Opened

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On July 12, the Internal Revenue Service announced revised timelines in connection with the staged implementation of the various due diligence, verification, withholding, and reporting requirements contained in IRC sections 1471 – 1474, commonly known as the Foreign Account Tax Compliance Act, or FATCA.

United StatesTax
Richard Cassell
Richard Cassell
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On July 12, the Internal Revenue Service announced revised timelines in connection with the staged implementation of the various due diligence, verification, withholding, and reporting requirements contained in IRC sections 1471 – 1474, commonly known as the Foreign Account Tax Compliance Act, or FATCA. Broadly speaking, FATCA imposes a 30% withholding on payments of US source investment income to non-US entity payees absent a certification from such payees as to the identity of their US owners or accountholders, if any.

The announcement, set forth in Notice 2013-43 (the "Notice"), provided that the FATCA registration Portal, which is to be the primary medium through which foreign financial institutions will demonstrate their FATCA compliance so as to avoid the aforementioned 30% withholding, would be available on August 19, 2013. The registration Portal is now available at www.irs.gov/fatca, along with related instructions and other materials.

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