Feeling the Force of FATCA, Consequences for Nonfinancial Foreign Companies

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By Julio Castro, KPMG LLP (U.S.), and Karl Lee, KPMG LLP (U.K.), The Treasurer | Dec. 01, 2013

From TaxWatch

The Foreign Account Tax Compliance Act (FATCA), by and large, targets foreign financial institutions; however, FATCA also has implications for nonfinancial foreign entities (NFFEs), particularly NFFEs that conduct financial transactions.

This article draws attention to the key FATCA considerations for treasurers of NFFEs, highlights the need to assess the FATCA implications of cross-border payments and indicates the development of the international exchange of tax information that will likely unfold with FATCA—most notably in Europe.

This article was published in the December 2013/January 2014 issue of The Treasurer and appears here with permission of The Association of Corporate Treasurers.

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