Thoughts on the final FATCA regulations - 25/01/2013


On 17 January 2013, the Treasury Department and the IRS released final regulations (T.D. 9610) on the Foreign Account Tax Compliance Act (FATCA).

Please find in this link the alert issued by the Deloitte global FATCA team. It includes several takeaways on the final FATCA regulations, as well as Deloitte’s point of view on these rules. The following summary highlights several of the specific takeaways from the 544 pages making up the final regulations and preamble.

By now, several issues should be highlighted :

  • A risk-based approach limiting institutions, obligations and accounts subject to FATCA have been adopted;
  • Guidance have been provided on the registration and technical implementation;
  • Provisions on account documentation and due diligence requirements relieve some burden;
  • Rules on withholding have been partially clarified;
  • Reporting provisions were unchanged.

Please note that these rules are now final. The path forward to compliance should then begin.

Miss the Dbriefs webcast?

A Special Edition Dbriefs webcast focused on the final regulations was held on 22 January with over 3,300 viewers. If you missed the webcast and want to have the presentation summary, click here (or click here if you want to watch the recording).

If you have any queries regarding the above, please do not hesitate to contact us.

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