Published October 8, 2014
The Foreign Account Tax Compliance Act (FATCA) was enacted to combat tax evasion by U.S. taxpayers through use of offshore accounts. FATCA imposes new withholding requirements starting July 1, 2014. The deadline for UK financial institutions to report for calendar year 2014 is May 31st, 2015. The cost of non-compliance includes increased scrutiny from HMRC, stiff fiduciary penalties and reputational damage risk.
That’s why Wolters Kluwer Financial Services published FATCA Readiness of Banks in Europe, a compelling commentary that highlights some of the compliance challenges that must be understood and addressed to ready internal systems, control frameworks, processes and procedures to meet the FATCA requirements.
To download the commentary or request information about our FATCA solutions, complete and submit this form.