Foreign Account Tax Compliance Act (FATCA)

6 Foreign Account Tax Compliance Act (FATCA)

This topic deals with Foreign Account Tax Compliance regulation.

FATCA is the acronym for Foreign Account Tax Compliance Act enacted by the US Government as part of the Hiring Incentives to Restore Employment (HIRE) Act, in 2010.

The purpose of FATCA is to help Internal Revenue Service (IRS) to identify and collect tax from US Persons (USP) holding financial assets outside US.

This topic deals with Foreign Account Tax Compliance regulation. It includes the description about functions that would help FCIS to support FATCA.

This topic contains the following sub-topics:

System Parameters
Entity FATCA Classification
Entity FATCA Classification Maintenance
FATCA WHT Repayment