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FATCA
FATCA
The Foreign Account Tax Compliance Act (FATCA) is U.S. legislation enacted by Congress to prevent offshore tax abuses by U.S. persons. The evolving FATCA rules are wide-ranging and will impact many global financial institutions, investment entities, as well as national banks and other financial organisations.
Prepare for FATCA
FATCA arrives at a time when commercial institutions already face a range of significant economic and regulatory challenges. FATCA introduces a series of business and system requirements that are simple in concept, but maybe difficult and costly to operationalize. The aim for financial institutions will be to meet the new compliance burden at a cost that is proportionate to the compliance risk faced.
Let us help ensure your organisation is prepared for FATCA. Contact us to discuss how we can help you with your FATCA compliance programme.
First steps assistance
There has been much debate about FATCA and the IGAs with the US and the UK. The fact that the Bermuda IGA’s are signed mean that it really is now time to act.
FATCA is expected to have the greatest impact on financial institutions, or businesses operating in the banking, trust, funds, investment, corporate service provider and insurance sectors. Other sectors are expected to be impacted to a lesser extent, depending on the ownership structure in place.
At KPMG, we recognise that financial institutions have complex issues to deal with in complying with the rules, and yet there may not be the resource or expertise internally available to take the first steps towards entity classification, portal registration and so on.
To assist you in taking these steps, KPMG has developed a package of “first steps” assistance. For a competitive price, we can offer:
- an initial one hour FATCA/IGA training session for senior management, focusing on the issues facing your business and the timelines to be achieved;
- practical guidance on entity classification in relation to you and your clients;
- an agreed number of follow-up meetings over the next 3 to 6 months to monitor your progress in implementing the necessary steps; and
- an agreed number of hours of ad-hoc technical support during the engagement period.
Feedback from clients to date is that such a package of assistance enables them to demystify FATCA and get started on the compliance process. We would be pleased to discuss our “first steps” assistance with you. A short meeting with you at your convenience is all that is needed start the ball rolling.
Why KPMG?
FATCA is significantly more than a tax issue. The implications of this law reach deep within a financial institution that has any business interests with U.S. persons. KPMG in Bermuda's unique structure ensures that we can operate with autonomy and local insight whilst still being able to access the huge resources available across the global KPMG networks.
- Local presence – We have a FATCA accredited team in Bermuda consisting of Tax specialists, Risk consulting advisors and experienced change and Project Managers.
- Global insight – The local team is strengthened by the support provided by our global FATCA team that consists of a number of tax specialists who were previously Senior Attorneys with the IRS and who have been actively involved in drafting various FATCA notices.
- Real investment and tested methodology – We have invested significant resources in developing the necessary tools and services that our clients can leverage to reduce costs, minimum customer and business disruption and became FATCA compliant as quickly and efficiently as possible.
- Cutting through complexity – Our extensive FATCA knowledge and experience regarding FATCA, combined with our deep understanding of the local financial services industry, allows us to provide you with a compliance programme that simplifies the impact that FATCA will have on your business.
Would you like more information?
If you would like to know more please contact our FATCA Team.
© 2020 KPMG, a group of Bermuda limited liability companies which are member firms of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.
