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FATCA Revamp
The Foreign Account Tax Compliance Act (FATCA) is an effort by the United States to curb tax evasion and incentivize Foreign Financial Institutions (FFI) to report the overseas assets of U.S. persons. The U.S. encourages compliance by imposing a 30% withholding penalty on all U.S. source income and sale proceeds of non-compliant foreign financial institutions.
In June 2017, the U.S. Internal Revenue Service (IRS) overhauled the registration system, resulting in a re-registration deadline of Oct. 24, 2017 for many institutions. Additionally, the U.S. Treasury Department (the Treasury) released final regulations expanding withholdable payments under FATCA to include foreign passthrough payments and gross proceeds from the sale of any property of a type that has the potential to produce U.S. Source interest or dividends. Gross proceeds withholding begins on Jan. 1, 2019. Foreign passthrough payment withholding begins on either Jan. 1, 2019 or six months after the Treasury publishes a final definition of the term “foreign passthrough payment.”
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