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FATCA’s application to financial institutions is immediately evident and has prompted the industry to action as it prepares to be compliant. However, less understood have been the potential implications of FATCA on nonfinancial multinational corporations. Does your multinational enterprise have affiliates engaged in financial services activity that is in some way connected to the United States? Do you sponsor non-US retirement plans? Does the organization manage risk with captive insurance companies? Are any of the organization's treasury centers organized outside the US or engaged in hedging? Is your organization making US source cross-border payments such as interest or dividends? FATCA affects a surprisingly broad array of legal entities and types of payments.
Now is the time to evaluate how FATCA will apply to your company and what you need to do to prepare, because withholding is scheduled to begin as early as January 1, 2014
. Noncompliance could mean paying a 30% withholding tax (in essence a penalty) on relevant payments as well as wasted time and resources within your organization. We’ll discuss:
- common payment arrangements and legal entities that may trigger the application of FATCA
- obligations that may arise and when, as well as which departments and functions may be impacted
- the financial and resource-driven costs of noncompliance
- assessing FATCA’s impact and building an appropriate action plan
- the importance of leveraging existing policies and procedures
Learn more about FATCA's significant impact on nonfinancial multinational corporations.