Foreign Financial Institutions: Get Ready for New Tax Compliance Obligations
Mondaq Business Briefing › United States Law Articles in English (2011)
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Foreign Financial Institutions: Get Ready for New Tax Compliance Obligations
On April 8, 2011, the Treasury and IRS issued Notice 2011-34 (the "Notice") which provides some, but not all, of the guidance foreign financial institutions need to satisfy their obligations under the Foreign Account Tax Compliance Act ("FATCA"). Under FATCA, foreign financial institutions are subject to complex information reporting rules with respect to their U.S. account holders. If such reporting obligations are not met, the United States will impose withholding, at a rate of 30%, on certain U.S. source payments to foreign financial institutions ...
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