Foreign Account Tax Compliance Act (“FATCA”) for investment managers
- March 2011
- 80 KB
- Foreign Account Tax Compliance Act (“FATCA”) for investment managers
- Area: Financial Services
The FATCA provisions of the HIRE Act are effectively anti-avoidance measures aimed at capturing the appropriate taxation income of US persons on their investments outside the US. The provisions will impose a 30% withholding tax on applicable gross income, capital and other payment derived in the US from 1 January 2013.
This bulletin provides a brief overview of FATCA and outlines what investment managers need to be doing now and up until the implementation date to ensure they meet their compliance obligations.