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Foreign Account Tax Compliance Act

Presented below is a listing of publications and by-lined articles reflecting Deloitte’s perspective on Foreign Account Tax Compliance Act (FATCA) legislation and implications.

Deloitte: Companies should be wary of FATCA backlash for expatriate employees

Bloomberg BNA | August 22, 2014

By Alison Bennett

Expatriate workers face major difficulties with foreign banks reluctant to allow, or retain US accounts in the wake of FATCA, Deloitte practitioners said during an August 21 webcast.

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With FATCA in place, will GATCA be the next headache for BFSI SSCs?

Global Delivery Report | August 13, 2014

By Kimberly Warner-Cohen

Although the long-term effects of the Foreign Account Tax Compliant Act (FATCA) going live on July 1 remain unclear for both US citizens living abroad and the participating 77,000 BFSI institutions in 80 countries handling their accounts, global financial organizations are next shifting their regulatory infrastructures to comply with FATCA’s global counterpart, the Common Reporting Standard, nicknamed GATCA. Denise Hintzke, global leader for Deloitte Tax LLP’s FATCA practice notes the challenges that come along with this increasingly complex global and regulatory environment.

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FATCA deadline leaves uncertainty in its wake: CFO survey

CFO Journal | August 12, 2014

Prior to the Foreign Account Tax Compliance Act (FATCA) going into effect on July 1, 2014, about one-third (37 percent) of finance executives said they had taken (or were in the process of taking) the most basic step toward compliance—determining the FATCA classification for each of their entities. In this article, Carl Allegretti, chairman and chief executive officer of Deloitte Tax LLP and Denise Hintzke, global leader for Deloitte Tax LLP’s FATCA practice discuss additional findings from Deloitte’s Q2 2014 CFO Signals™ survey, which includes data from more than 110 North American CFOs.

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Ukraine announces plan to sign pact on FATCA, bringing nations with IGAs to 78

Bloomberg BNA | June 17, 2014

Sergei Blagov and Alison Bennett of Bloomberg BNA report that the Ukrainian Ministry of Finance indicated plans to sign an intergovernmental agreement (IGA) with the U.S. on implementation of the Foreign Account Tax Compliance Act (FATCA)—a move that would bring the total number of agreements under the law to 78. Among the interviewed experts is Denise Hintzke, global leader for Deloitte Tax LLP’s FATCA practice.

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FATCA audits likely to begin in early 2016

Tax Notes International | June 16, 2014

Author Jaime Arora of Tax Analysts interviewed David Charlton in her article about the start date for IRS audits of US withholding agents to verify their compliance with the requirements of the Foreign Account Tax Compliance Act.

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