16. July 2012
Impact on the financial industries and the derivation of possible solutions
The Foreign Account Tax Compliance Act (FATCA) is part of a new US-Tax law which was released by the US-Government in 2010. FATCA increases the US Tax reporting responsibilities for foreign financial institutions. FATCA is coming into effect on July 1st 2013.
The goal of this new regulation is to fight tax evasion of US-Citizens and Organisations worldwide and effectively. FATCA will prevent that US-Citizens and Organisations reduce their tax duty by using foreign finance institutes or other finance intermediaries to hide their capital assets overseas.
All foreign financial industries (from the point of view of the US Government) are impacted by the FATCA-Regulatory.
For more information, please refer to our Factsheet for FATCA (German).
Please do not hesitate to contact us if you need further information in English. Please click here to request a document.
The graphic below shows the category groups impacted by FATCA:
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