July deadline for Fatca compliance looms
The Foreign Account Tax Compliance Act imposes registration and reporting and obligations on hedge funds, due to come into effect in just over three months, says Kathleen Celoria
What is Fatca and how does it impact me?
The Foreign Account Tax Compliance Act (Fatca) is a new US Treasury regulation that takes effect this July. Allowing the Internal Revenue Service (IRS) to collect financial account information on US citizens living outside of the country, Fatca requires foreign financial institutions (FFIs) to report on these foreign account balances, gross proceeds and dividends.
To ensure that no one escapes the broad arms of the law, the IRS also requires FFIs to
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