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.
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.
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:
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.
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.
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.