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The Deloitte CCO forum

US Foreign Account Tax Compliance Act


The main provisions of FATCA come into effect on 1 January 2013. FATCA requires not only all foreign (non-US) banks but also other financial institutions (mutual and hedge funds, insurance companies, trusts and Islamic finance structures) to disclose all US account holders to the IRS (US tax authority). The operative mechanism is that if any affected entity wants to invest in the United States, it has no choice but to comply with FATCA, irrespective of whether it has a U.S. branch, office, or other presence. Otherwise, its U.S. portfolio suffers 30 percent tax on income as well as capital proceeds. 

The provisions of FATCA are complex and will act so as to make it difficult for any financial institution to operate unless it complies with the FATCA regime by registering with the IRS. Such institutions will need to do this as other US and FATCA compliant institutions are likely to refuse to deal with a non FATCA registered institution. Operationally this will mean that all financial institutions across the region will need to enhance their customer due diligence procedures and also modify systems to cope with the FATCA compliance requirements. Significant effort is required to meet this challenge.

Deloitte in the Middle East invites you to its Chief Compliance Officer (CCO) forum, taking place from January 31st through February 1st in Dubai. Leading local and international FATCA practitioners will share their insight on the technical aspects of FATCA (including providing an update on the draft regulations) as well as the practical implications and potential solutions based on our experience around the globe. The CCO forum has been purposefully designed to address issues that are faced by Middle East based financial institutions.

Download the invite attached below to register.

Deloitte is very much looking forward to welcoming you at the Intercontinental Dubai Festival City on the 31st of January and 1st of February 2012

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