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International Tax ADVISORY: Treasury Presents… More FATCA Regulations

March 17, 2014 By Edward Tanenbaum and Heather Ripley

This advisory discusses the U.S. Treasury and IRS release of two sets of regulations relating to the Foreign Account Tax Compliance Act (FATCA). The new regulations were published in the Federal Register on March 6. Enacted by the 2010 HIRE Act, FATCA imposes a 30-percent withholding tax on certain payments to foreign financial institutions (FFIs) and passive non-financial foreign entities (NFFEs) that do not report information about their U.S. accounts and substantial U.S. owners, respectively. One set of the new regulations (T.D. 9657) modifies various provisions of the “final” FATCA regulations issued in January 2013. The other set of regulations (T.D. 9658) provides rules to coordinate the withholding and reporting regimes of Chapter 3, Chapter 61 and Section 3406 with FATCA.

The advisory is provided in PDF on the Alston & Bird website: www.alston.com/advisories/int-tax-march-2014

Written by Edward Tanenbaum, Partner, Federal & International Tax | Alston & Bird LLP

Filed Under: International - Corporate Tax Planning, International Tax Advisory Tagged With: FATCA

About Edward Tanenbaum

Edward Tanenbaum is co-chair of the firm’s Federal & International Tax Group and a member of the firm’s Global Resources & Strategies Committee. Mr. Tanenbaum’s practice consists primarily of planning and structuring tax efficient solutions for cross-border business transactions and investments by foreign multinational corporations and high-net-worth individuals.

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About Heather Ripley

Heather Ripley is an associate in the firm’s Federal & International Tax Group. Her practice focuses on federal and international tax services for a range of clients, including domestic and international business entities and individuals.

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