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FATCA Foreign ACCOUNT TAX COMPLIANCE ACT Marzo de 2014. WHAT IS NECESSARY FOR FATCA IMPLEMENTATION FATCA?. Administrative Requirements Appoint an Officer responsible for the Program , establish a Compliance Program and sign an FFI Agreement . Req ui rements for the Inclusion of Accounts
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FATCA Foreign ACCOUNT TAX COMPLIANCE ACT Marzo de 2014
WHAT IS NECESSARY FOR FATCA IMPLEMENTATION FATCA? • Administrative Requirements • Appoint an Officer responsible for the Program, establish a Compliance Program and sign an FFI Agreement. • Requirements for the Inclusion of Accounts • Establish and implement processes and procedures for documenting and performing due diligence on the holders of accounts and beneficiaries under FATCA • Recourse for Pre-existing Accounts: • Document and classify all accounts established in the system before June 30th, 2014 which in turn must be documented and updated by 31st December, 2015 at the latest. • Withholding and Deposit Requirements • Determine and report WITHHOLDING AGENTS any 30% withholdings under FATCA made for payments, subject to withholding, to FFI Non Participants, holders of recalcitrant accounts and NFFEs that do not comply, or withhold securities which have not been with withheld by an agent.. • Reporting Requirements • Starting January 1st , 2015 provide reports to the IRS about securities delivered to accounts of USA residents and nationals, to accounts deemed to be held by USA nationals and any payments received from an American source during 2014.
