World Business News

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IRS issues its first FATCA Financial Institutions list

Zone(s): USA ¦ Sector(s): Tax
[5 June 2014,]  By Mike Godfrey,, Washington, USA: Around 77,000 banks and other foreign financial institutions (FFIs) have already registered with the United States and received a global intermediary identification number (GIIN), to comply with the Foreign Account Tax Compliance Act (FATCA), as shown in the first list published by the Internal Revenue Service (IRS) on June 2, 2014.

FATCA, enacted by the US Congress in 2010, is intended to ensure that the US obtains information on accounts held at FFIs by US persons. Failure by an FFI to disclose information on their US clients will result in a requirement to withhold 30 percent tax on payments of US-sourced income.

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