Insights

FATCA

Ensuring compliance

FATCA addresses perceived abuses by U.S. taxpayers with respect to assets held offshore and requires participatory compliance from financial institutions and non-financial entities. Compliance involves updates of internal processes and may impact relationships with group entities and business partners.

FATCA requires payers of U.S. source income and gross proceeds to withhold 30% on payments to non-U.S. entities that do not comply with the FATCA obligations.

Are you ready for FATCA?

In order to assess your FATCA readiness, please consult the following guides for respective financial institutions and non-financial entities affected:

How can we help?

We know how important is for our clients to fulfil their reporting and compliance obligations in a timely and accurate manner and thus Deloitte Malta can assist you in assessing and providing assurance in the processes, resources and accuracy in the completion of your FATCA obligations through the review of:

  1. Entity classification and registration: The accuracy of the registration, both from a local perspective and with the IRS, by assessing the classification of the financial institution as regulated by the IGA, local regulations and guidance issued by the IRD in accordance with the operations and characteristics of the company.
  2. Due diligence and reporting: The accuracy of the due diligence conducted, the safeguards put in place and accuracy of the information reported to the IRD.
  3. IT systems and / or IT development: The functionality and accuracy of the IT resources deployed for entity classification, due diligence and/or reporting as may be the case. Should it is required, Deloitte Malta may also assist in the development of IT resources in connection to FATCA.
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