While regulations have yet to be issued, insurers should begin planning their Foreign Account Tax Compliance Act (FATCA) compliance efforts today, according to PricewaterhouseCoopers’ (PwC) recent report, “Ready, Set, FATCA.”
In March of 2010, the Foreign Account Tax Compliance Act (FATCA) provisions became law with the enactment of the Hiring Incentives to Restore Employment (HIRE) Act. FATCA is a government effort to fight tax evasion that requires financial institutions to disclose U.S.-owned accounts to tax authorities or face a 30-percent withholding tax, has broad implications and presents significant challenges—including operational challenges—for many insurers.
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