Advertisement
Published in:
2016 | OriginalPaper | Chapter
10. Foreign Account Tax Compliance Act
Author : Felix I. Lessambo
Published in: International Aspects of the US Taxation System
Publisher: Palgrave Macmillan US
Activate our intelligent search to find suitable subject content or patents.
Select sections of text to find matching patents with Artificial Intelligence. powered by
Select sections of text to find additional relevant content using AI-assisted search. powered by
Abstract
This chapter covers the objective of the Foreign Account Tax Compliance Act (FATCA), and focuses on FATCA reporting: (i) by US taxpayers about certain foreign financial accounts and offshore assets, (ii) by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. Intergovernmental agreements, documentation and due diligence, and reporting and withholding are also covered.