[26906]
January 17, 2013
TO: TAX MEMBERS No. 6-13INTERNATIONAL MEMBERS No. 7-13
INTERNATIONAL OPERATIONS ADVISORY COMMITTEE No. 2-13
TRANSFER AGENT ADVISORY COMMITTEE No. 11-13
BROKER/DEALER ADVISORY COMMITTEE No. 5-13
ICI GLOBAL MEMBERS RE: FINAL FATCA REGULATIONS RELEASED
The Treasury Department and Internal Revenue Service (“IRS”) today released final regulations [1] to implement the Foreign Account Tax Compliance Act (“FATCA”). [2] This legislation, as we informed you previously, was designed to ensure that U.S. persons holding assets through accounts in foreign financial institutions comply with their U.S. tax obligations.
The final regulations build upon FATCA regulations that were proposed in February 2012 [3] on which ICI and ICI Global provided extensive comments. [4]
We are studying the final regulations closely and will provide a detailed analysis soon.
Keith Lawson
Senior Counsel - Tax Law
endnotes
[1] https://www.federalregister.gov/articles/2013/01/28/2013-01025/information-reporting-by-foreign-financial-institutions-and-withholding-on-certain-payments-to
[2] See Institute Memorandum # 24186, dated March 17, 2010.
[3] See Institute Memorandum # 25886, dated February 8, 2012. See also Institute Memorandum # 25897, dated February 14, 2012.
[4] See Institute Memoranda # 26602, dated October 23, 2012; # 26113, dated April 30, 2012; # 26096, dated April 30, 2012; and # 25267, dated June 9, 2011.