FAQ on FATCA
These FAQs enlight the main points of the FATCA regulation from a general point of view or by industry.
The draft FATCA regulations have recently been released by the IRS and include a number of relief provisions. Their inclusion is intended to ease FATCA’s administrative burden in certain specified areas.
Some of the key points in the draft regulations:
- Still impacts across all industry sectors
- New categories of FFIs that are to be deemed compliant and subject to reduced FATCA obligations
- Introduction of new de-minimis thresholds for account identification in some areas
- Changes to the timings of certain provisions such as reporting of income and gross proceeds
- Potential amendments to the transfer of information to the IRS using existing information exchange treaties
- Modification to the rules on passthru payment
Discover more about FATCA main points in the following FAQs.