Foreign Account Tax Compliance Act (FATCA)
GPTKB entity
Statements (23)
| Predicate | Object |
|---|---|
| gptkbp:instanceOf |
gptkb:United_States_federal_law
|
| gptkbp:abbreviation |
gptkb:FATCA
|
| gptkbp:administeredBy |
gptkb:Internal_Revenue_Service
|
| gptkbp:affects |
gptkb:U.S._expatriates
international banking global financial institutions |
| gptkbp:appliesTo |
U.S. taxpayers
foreign financial institutions |
| gptkbp:codifiedIn |
26 U.S.C. §§ 1471–1474
|
| gptkbp:dateEnacted |
2010
|
| gptkbp:enactedBy |
gptkb:United_States_Congress
|
| https://www.w3.org/2000/01/rdf-schema#label |
Foreign Account Tax Compliance Act (FATCA)
|
| gptkbp:impact |
led to intergovernmental agreements between U.S. and other countries
|
| 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 Foreign Bank Account Report (FBAR) |
| gptkbp:requires |
foreign financial institutions to report information about financial accounts held by U.S. taxpayers
certain non-financial foreign entities to report U.S. owners |
| gptkbp:bfsParent |
gptkb:U.S._expatriates
|
| gptkbp:bfsLayer |
5
|