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FATCA obligations start between 2014 and 2017:
Foreign Finacial Institutions (FFIs) incuding but not limited to:
Unless otherwise exempt, FFIs that do not both register and agree to report to the IRS face 30% withholding tax on certain U.S. source payments made to them.
Vectigal Corporation will provide "Quick FATCA Refund Payments" to FFIs on Trade Date + 1 (T+1) in all jurisdictional tax markets.
U.S. withholding agents and Participating Foreign Financial Institutions (PFFIs) must deduct and withhold at a 30% rate on:
Disclaimer: Vectigal is not a tax advisory company; therefore this literature should not be construed as offering tax advice. All persons should consult with their tax and legal advisors with respect to tax issues. Furthermore, this literature should not be taken as an offer to buy or sell any securities.
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The Foreign Account Tax Compliance Act (FACTA) was enacted by the U.S. IRS to detect or prevent tax evasion by U.S. persons holding investment offshore accounts through Foreign Financial Institutions (FFIs) and through offshore investment vehicles. FATCA was enacted into law on March 18, 2010, as part of the HIRE Act. Under FATCA, Foreign Finaicial Institutions (FFIs) may register with the IRS and agree to report to the IRS certain information about their U.S. accounts, including accounts of certain foreign entittes with substantial U.S. owners. FFIs that enter into an agreeemnt with the IRS to report on their account holders may be required to withhold 30% on certain payments to foreign payees, if such payees do not comply with FATCA.
Vectigal provides "Quick FATCA Refund Payments" on "Trade Date + 1" (T+1) to Foreign Financial Institutions (FFIs) and to Non-Financial Foreign Entities (NFFEs) on U.S. source withholdable payments.
"Withholdable payments" are:
Quick FATCA Refund Payment is available in all jurisdictional tax markets per the U.S. IRS Chapter 3 and Chapter 4 codes. Vectigal will provide FATCA refunds to FFIs on their pooled omnibus accounts. Vectigal accepts foreign financial institutions' pooled omnibus accounts as custody book of record for the purpose of providing FATCA refund.