From Money Morning
"Those who work in the investment business will know of a new US regulation known as ‘Fatca‘ (Foreign Account Tax Compliance Act). Fatca is an extraordinarily wide-ranging, arrogant and intrusive piece of legislation (enacted in 2010) that requires all “foreign financial institutions” – that’s non-US banks, fund managers, custodians and so on, to tell the US taxman about all US taxpayers they deal with both directly and indirectly by the middle of next year.
This is quite clearly an admin nightmare (what is an ‘indirect client’?) so you might think that most non-US institutions would simply ignore it. After all, what jurisdiction does the US have over them? You’d think wrong. No one can ignore it: if they do, the Internal Revenue Service (IRS) will charge them a 30% withholding tax on all dividends, interest and sales proceeds made in the US."
read more
No comments:
Post a Comment