The following Tax guidance note Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP provides comprehensive and up to date legal information covering:
The Foreign Account Tax Compliance Act (FATCA) has three core elements:
enhanced due diligence
broader information reporting, and
a potential withholding tax on US source payments
This Practice Note considers some of the issues that commonly arise in relation to the implementation of, and compliance obligations arising from, FATCA, including:
whether refunds or tax credits are available for taxes withheld under FATCA
what obligations are excluded (grandfathered) from FATCA, and
what pre-existing obligations are in respect of FATCA
For an analysis of the broad definition of what constitutes a foreign financial institution (FFI) for the purposes of FATCA, and the obligations that arise as a result of falling within its scope, see Practice Note: US: FATCA—foreign financial institutions (FFIs). For an examination of what a non-financial foreign entity (NFFE) is (and what isn't) and the various different types of agreements that can help ease the burdens imposed by FATCA, see Practice Note: US: FATCA—non-financial foreign entities (NFFEs) and FATCA agreements.
For a detailed introduction to FATCA generally, see Practice Note: US: Foreign Account Tax Compliance Act (FATCA)—what is FATCA?
A beneficial owner generally will be able to obtain a refund or credit of taxes withheld pursuant to FATCA if the beneficial owner or payee files a US federal income tax return and
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