If you are a bank operating ANYWHERE in the world FATCA has major implications for your organization and your staff.
It has been estimated that the U.S. Treasury loses as much as $100 billion annually to offshore tax non-compliance.
Under U.S. tax law, “U.S. persons” (which includes U.S. citizens and U.S. permanent residents residing outside of the United States) are generally required to report and pay taxes on income from all sources irrespective of where these are located.
Among the Foreign Account Tax Compliance Act (FATCA) provisions is the requirement that foreign financial institutions (FFI), such as banks, must enter into an agreement with the United States’ IRS to identify their U.S. account holders and to disclose the account holders' names, and other account and transactional information.
In essence the term Foreign Financial Institutions FFI applies to all non-US Financial Institutions.
Failure to comply with FATCA will be costly and may subject foreign financial institutions to a 30% withholding tax on U.S.-source payments, which includes dividends, interest and gross proceeds from the sale of assets which may generate U.S. dividends or Interest.
This makes it obligatory for all banks, irrespective of their domicile and registration to comply with the United States’ Foreign Account Tax Compliance Act.
The legislation became effective on 1 January 2013. The various provisions of FATCA are being implemented on a rolling time-scale with effective implementation beginning in mid-2014.
Join us in Johannesburg, South Africa on 21 May 2014 for a 1-day FATCA workshop.
Places are limited so you need to act NOW!
What You Will Learn
- How FATCA will affect your business and operations
- How FATCA will affect your role in your institution
- What the requirements are for developing/ implementing an effective FATCA action plan, including establishment of policies and procedures
- The FATCA technical requirements
- The FATCA Due Diligence requirements and the identification of US accounts
- How to report U.S. accounts (and to whom)
This 1 day program is aimed at all financial institutions worldwide and includes staff such as:
- Financial Officers
- Compliance Officers
- Risk Management Professionals and their staff
- External & Internal Auditors
- Operations Managers/Officers & their staff
- Staff with roles and responsibilities in operational, businesses and central departments
For a full brochure e-Mail us at courses@citadeladvantage.com with FATCA-JHB in the subject line OR REQUEST BROCHURE on-line.
To Register for this course: e-mail us at courses@citadeladvantage.com requesting a registration form OR REGISTER ON-LINE