Who is reportable under FATCA?
Who is reportable under FATCA?
‘Reportable accounts’ are ‘financial accounts’ maintained by the FI where the ‘account holder’ is either a UK specified person (essentially a UK resident individual, partnership or unlisted company) or is a non-UK entity the ‘controlling persons’ of which include one or more UK specified persons.
Does FATCA apply to reinsurance?
FATCA requires the imposition of a 30% withholding tax on certain U.S. source payments (including insurance or reinsurance premium) unless the recipients of such payments provide documentation to support their exemption from this withholding tax.
What countries participate in FATCA?
These 14 countries have Model 2 FATCA agreements:
- Armenia.
- Austria.
- Bermuda.
- Chile.
- Hong Kong.
- Iraq.
- Japan.
- Macao.
Who is exempt from FATCA reporting?
You are not a married person filing a joint income tax return and the total value of your specified foreign financial assets is more than $200,000 on the last day of the tax year or more than $300,000 at any time during the year.
Is there a FATCA agreement with Hong Kong?
Hong Kong FATCA Agreement (IGA) with the United States: The Hong Kong FATCA Agreement with IRS is complex. In recent years, the IRS has taken an aggressive stance on foreign accounts compliance. This led to the development of FATCA. The U.S. has entered into FATCA Agreements with over 110 countries, including Hong Kong.
When did Hong Kong sign the Iga on FATCA?
The Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR Government) and the Government of the United States of America signed an inter-governmental agreement (IGA) on 13 November 2014 that will facilitate compliance with FATCA by financial institutions in Hong Kong.
What does FATCA stand for in tax law?
FATCA stands for the Foreign Account Tax Compliance Act. It is a new piece of legislation to help counter tax evasion in the US.
Who is responsible for FATCA compliance for FFI?
RO of an FFI is responsible for the FATCA compliance program of the FFI and certifying on FATCA compliance to the IRS. The person to be appointed as RO should have sufficient authority to fulfill the duties of a RO, who may or may not be the responsible officer of a Licensed Corporation regulated by the Securities and Futures Commission.
