FATCA: Meeting the Challenge (State Street)

July 2012

KEYWORDS: FATCA, Foreign Account Tax Compliance Act, hedge funds, tax, asset managers, Hiring Incentives to Restore Employment Act of 2010, Internal Revenue Service, IRS, regulatory requirements, foreign financial institutions, pensions, hedge fund investor, Germany, Italy, Spain, United Kingdom, France

Authors:

State Street

Organizations:
  • State Street

Summary:

Intended to increase transparency regarding US citizens and residents with offshore assets, the US Foreign Account and Tax Compliance Act (FATCA) will introduce a new tax reporting and withholding regime for non-US funds and other entities. Failure to comply with FATCA may result in a withholding tax penalty, making it important that asset managers start preparing. This Vision paper highlights the areas where asset managers should focus their initial efforts.

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