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WHAT IS FATCA ?

WHAT IS FATCA ?. The Foreign Account Tax Compliance Act ( FATCA ) is a US law requiring :

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WHAT IS FATCA ?

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  1. WHAT IS FATCA ? The Foreign Account Tax Compliance Act(FATCA) is a US law requiring : • foreign banks and financial entities to find any American account holders and disclose their balances, receipts, and withdrawals to the US Internal Revenue Service (IRS), or be subject to a 30% withholding tax on income from US financial assets held by the banks or financial entities. • Owners of these foreign-held assets must report them on a new Form 8938 along with US tax returns if they are worth more than US$50,000; a higher reporting threshold applies to overseas residents. Account holders would be subject to a 40% penalty on understatements of income in an undisclosed foreign financial asset. • It closes a tax loophole that investors had used to avoid paying any taxes on dividends by converting them into dividend equivalents.

  2. ITSS FATCA SOLUTION Approach • Identification and analysis: Impacted Accounts, systems, processes… • Consolidation and compliance. • Implementation. Implementation • Data management: Client data, AML process, KYC process… • Reporting: IRS reporting, account reports, customer reports… • Payment: Payment process, withholding process… Tax 30% Annual Report FFI– Foreign Financial Institutions US Customers Direct US companies Indirect US companies

  3. For more details, Contact us:ITSS109, rue du Pont du CentenaireCH – 1228 Plan-les-OuatesSwitzerlandTel: + 41 22 706 20 80www.itssglobal.com QUALITY PARTNER FOR YOUR EXPANSION

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