(IRS) to counter tax evasion in the US. HSBC is committed to being fully FATCA compliant in all countries and territories where we operate, in accordance with the legislative timeline. This means that HSBC may need to provide information on US accounts to the United States tax authority, the...
In France, the principles of FATCA have been brought into our local law. This means that HSBC may need to provide information on US accounts to the French local tax authority (FISC). In order to establish your tax status, we need to obtain certain documents. These documents are HSBC declar...
He told delegates at a conference that he had worked with the Beijing and Hong Kong governments in streamlining intergovernmental agreements. “China could go it alone and stay outside the international banking system,” he said. “Not working with FATCA means problems working with international ban...
Both terms can be considered equivalent. It means that your business is not considered as a passive or financial institution. If you’re unsure of your entity status, contact your legal counsel or tax adviser.
UBS is committed to complying with FATCA and AEI as well as implementing each in accordance with applicable local regulations and guidance. What do we require from you, our clients? The introduction of FATCA and AEI means that we require you to provide additional tax-relevant information to ...
The last sentence is that excerpt deserves some attention. The FATCA law is so onerous that it is advantageous for many to simply not invest in the American economy. And that means less growth and prosperity for the rest of us. But that’s just part of the story. ...
Both Clearstream Banking S.A. (CBL) and Clearstream Banking AG (CBF) are recognised as being FATCA compliant under FATCA regulations, as both entities are incorporated in countries (Luxembourg and Germany respectively) that have signed a Model I IGA with the U.S.A. In addition, both entities...
Financial InstitutionFinancial Institution means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company. RecalcitrantCustomer who refuses to provide or disclose FATCA information/ documentary evidence i.e.: Individual Self-Certificate, Entity Self-Certificate,...
The group includes former government officials from the IRS, Department of Justice and the Treasury who have strategic relationships within Congress and who have presented before the Senate Finance and House Ways and Means Committees. We frequently represent clients in rule-making proceedings and shape...
Challenges in FATCA/CRS Reporting Identifying the Reportable Accounts The way firms and institutions record or store customer data may not be adequate to identify the data that needs to be reported. This means that eligible parties will have to perform extensive data cleaning exercises to remain com...