CPD course for directors of investment companies and investment funds

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Presentation transcript:

CPD course for directors of investment companies and investment funds Malta 17 February 2015

FATCA

What is FATCA? Foreign Account Tax Compliance Act Detect and deter evasion of US tax by US persons by requiring foreign financial institutions to Identify US persons Report information on US persons Withhold payments to US persons

How does FATCA fit into global taxation Morality Globalisation Avoidance Transparency Media & public perception Compliance Complexity Stability Gathering Revenue

FATCA timeline Cut-off for pre-existing versus new accounts End of the first year for which reporting is required Extended deadline for IGA countries to register to get GIIN no Report to Commissioner of Revenue for year ended 2014 30.06.14 KYC resolved for pre-existing accounts over $1m 31.12.14 31.12.14 Information made available to IRS 30.04.15 KYC resolved for pre-existing accounts under $1m 30.06.15 30.09.15 30.06.16

Am I caught or not? Am I an FFI? Am I a reporting FFI or non-reporting FFI? Should I register for a GIIN and how? What should I report and when? What if I haven’t registered, don’t report or get it wrong?

What else should I be worried about? OECD Common Reporting Standards UK FATCA Base Erosion Profit Shifting UK Diverted Profits Tax

What does this mean for me? Morality Globalisation Avoidance Transparency Media & public perception Compliance Complexity Stability Gathering Revenue

Any questions

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