Foreign Account Tax Compliance Act
GPTKB entity
Statements (50)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:United_States_federal_law
|
| gptkbp:abbreviation |
gptkb:FATCA
|
| gptkbp:administeredBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:affects |
dual citizens
U.S. citizens abroad U.S. green card holders global banking industry |
| gptkbp:appliesTo |
U.S. taxpayers
foreign financial institutions |
| gptkbp:codifiedIn |
26 U.S.C. §§ 1471–1474
|
| gptkbp:containsProvision |
reporting requirements
identification of U.S. account holders withholding requirements due diligence procedures for financial institutions reciprocal reporting by U.S. financial institutions coordination with Qualified Intermediary (QI) regime Form 8938 reporting requirement Intergovernmental Agreements (IGAs) coordination with Know Your Customer (KYC) rules coordination with anti-money laundering rules exemptions for certain entities grandfathered obligations transitional relief periods registration of foreign financial institutions with IRS |
| gptkbp:criticizedFor |
compliance costs for foreign institutions
extraterritorial reach impact on Americans living abroad |
| gptkbp:dateEnacted |
2010
|
| gptkbp:enactedBy |
gptkb:United_States_Congress
|
| gptkbp:enforcedBy |
gptkb:U.S._Department_of_the_Treasury
|
| gptkbp:form |
gptkb:Form_W-9
gptkb:Form_W-8BEN-E gptkb:Form_8938 Form 8966 |
| https://www.w3.org/2000/01/rdf-schema#label |
Foreign Account Tax Compliance Act
|
| gptkbp:influencedBy |
increased tax transparency
closure of U.S. citizen accounts by foreign banks international data sharing renunciation of U.S. citizenship |
| gptkbp:partOf |
gptkb:Hiring_Incentives_to_Restore_Employment_Act
|
| gptkbp:penalty |
30% withholding tax on certain U.S.-source payments
|
| gptkbp:purpose |
combat tax evasion by U.S. persons holding accounts and other financial assets offshore
|
| gptkbp:relatedTo |
gptkb:Bank_Secrecy_Act
gptkb:Common_Reporting_Standard |
| gptkbp:requires |
foreign financial institutions to report information about financial accounts held by U.S. taxpayers
certain non-financial foreign entities to disclose substantial U.S. owners |
| gptkbp:startDate |
July 1, 2014
|
| gptkbp:bfsParent |
gptkb:Foreign_Account_Tax_Compliance_Act_(FATCA)_compliance
gptkb:Form_8938 |
| gptkbp:bfsLayer |
6
|