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It appears that the unreasonable and expensive mandates prescribed by this law will be felt hardest not by wealthy “fat cat” tax dodgers but hardworking Americans who have no intentions of cheating the tax system: students studying abroad, missionaries, charity workers, members of Doctors Without Borders, professionals doing a stint in their companies’ overseas branches and many more. FATCA was signed into law on March 19, 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act.
When FATCA was unveiled to the global financial community, it received near-universal disapproval. I have shared my concerns with my fellow members of the House Financial Services Committee.
Besides alienating and offending other countries that have no significant track record of being used as illegal tax shelters, FATCA sets in motion a number of potential unintended consequences, all of them affecting entirely guiltless persons and businesses. Many Americans are preemptively being denied foreign bank accounts because of the extra workload involved. Identifying an American client among thousands is problematic as many FFIs do not record the nationality of their accountholders.
The potential losses of trillions of dollars due to foreign institutions and foreigners divesting out of the United States totally outweigh the meager tax revenue that the IRS will actually collect as a direct result of this deeply flawed legislation. The US is one of the few countries that taxes its citizens who live abroad, and the Foreign Account Tax Compliance Act (FATCA) enacted in 2010 is designed to ensure countries around the world agree to assist with its efforts. Yesterday Appleby Global, in collaborationA  with the Ministry of Finance and the Financial Services Authority (FSA), held a presentation to explain what this means in practice for the Seychelles businesses.
Appleby regional compliance manager for Africa and Asia, Natasha Hardowar-Bissessur, gave a detailed and thorough presentation, taking the audience through each consideration and implication of the act. This year the reporting needs to detail such individualsa€™ names, addresses, US Taxpayer Identification Numbers (TIN), account numbers and balances. Mrs Hardowar-Bissessur, explained that the definitions and requirements are similar to those that the OECD requires.
A high profile example of this lawa€™s reach was reported on the same morning as the presentation from Appleby.
The IRS released Notice 2016-08 providing relief with respect to certain upcoming deadlines as well as guidance on the ability to accept electronically collected documentation from intermediaries.
The notice includes changes regarding, amongst others, the elimination of the 2015 gross proceeds reporting for Non-Participating FFIs accounts and the deadline extension for the preexisting account certification for Participating FFIs and Reporting Model 2 FFIs. For more details, please find here attached the alert issued by our US colleagues in relation to the Notice 2016-08. On January 15, 2016, the IRS released a draft Form W-8BEN-E, “Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities),” and accompanying Instructions. For more details, please find here attached the alert issued by our US colleagues in relation to the new Form W-8BEN-E. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities.

Starting July 1, every one of them is going to be negatively affected in some way when the Foreign Account Tax Compliance Act, or FATCA, becomes fully operational.
Starting next month, participating foreign financial institutions (FFIs) are required to annually provide the Internal Revenue Service with names, addresses and account details of all American accountholders with assets over $50,000. Whose “employment” is being “restored” under this law—other than that of a handful of tax lawyers, accountants and bureaucrats? Americans will be disinclined to seek overseas business to avoid the headache of complying with FATCA and humiliation of being denied the presumption of innocence. In June 2011, Robert Remington of the Calgary Herald stated that FATCA will “effectively turn international financial institutions into an enforcement arm of the U.S. Government’s concern with the potential for using non-participating FFIs as a blocker to shield U.S.
Given the evidence… it is difficult to conceive of any circumstance that would justify imposing such an expensive and counterproductive domestic mandate. Suppose the Canadian government required your dual-citizenship Canadian spouse to hand over all of your family’s financial information to the Canada Revenue Agency. Global Investors, Inc., a boutique investment advisory firm based in San Antonio that manages domestic and offshore funds specializing in the natural resources and emerging markets sectors. As Applebya€™s Malcolm Moller, managing partner for Mauritius, Seychelles and Shanghai, explained to TODAY, a€?ita€™s looking for the US citizens that arena€™t paying US taxesa€?, but reassured Seychelles businesspeople explaining a€?there is no need to be scared or to fear FATCAa€?. The presentation made clear that reporting is due to start in September and requires businesses to identify whether their client is a US specified person or not. In 2016, reports on this yeara€™s returns will need to also include details of the individualsa€™ income paid, and the year after, it will need to include custodial proceeds paid to custodial accounts. 52 countries have signed-up to date and there is a significant backlog of countries waiting to be recognised as signatories given most of the worlda€™s countries do business with the US. The UKa€™s Guardian newspaper reported that London Mayor Boris Johnson has reportedly settled such a tax demand made by the US authorities.
From January 1, 2016 even existing investors who wish to make fresh purchases, need to complete the additional KYC requirements. Although the updates are by no means an overhaul, there are several material updates to highlight compared to the June 2014 version of the form.
Everyone, from the Rhodes Scholar to the al-Qaeda financier, is lumped into the same pool of suspects. When you conduct a Google search of “FATCA,” the top hits that appear are sponsored ads for such professionals who promise to help you make sense of all the red tape. Imagine the hundreds of man-hours required to manually sift through mountains of paperwork—all at the FFI’s expense, of course—in order to be in compliance with a law passed down from a foreign tax authority. Understandably so, his partners will be none too thrilled at the idea of their domestic business’s financial information being scrutinized by the IRS.

You would probably see this as an egregious overreach of a foreign government’s fiscal authority.
Disinvestment on this massive scale, both within and outside our borders, could have adverse effects on the world economy and cause the U.S.
The company’s no-load mutual funds include the Global Resources Fund (PSPFX), the World Precious Minerals Fund (UNWPX) and the Gold and Precious Metals Fund (USERX). This means that registration forms will need to be amended so that they clearly identify such individuals at the point of initial engagement. The FSA told TODAY that the Seychelles has committed to what is called a a€?model onea€? agreement and, subject to a necessary amendment to revenue law concerning access to information, it will be in compliance with the standard.
Form 'Supplementary KYC, FATCA, CRS selfcertification form' needs to be filled by the investors to comply with the additional KYC requirement. Having an American on board will be seen as a liability since he requires additional operating costs, might jeopardize the business’s ability to obtain financing and could potentially incur debilitating fines and penalties were he to be out-of-compliance: $10,000 initially, then $50,000 for each subsequent fiscal year. This form is available on mutual fund or Registrar's websites and is available at investor service centres of AMCs. If such persons conduct any sort of financial activity in a foreign country—from banking to investing to buying insurance—they must be identified.
Each person is unique and valued for that, among the best and brightest in the business, and takes pride in his or her achievements and the success of others. If the investor is a tax resident of that country, details about the taxpayer identification number and the name of the country also needs to be provided. Because of these sweeping changes, the price tag for hunting down tax dodgers is estimated to run as high as $250 million each, which will inevitably hike up banking fees and insurance premiums to cover the additional cost. Documents If PAN has not been provided, permissible documents include passport, election ID card, Aadhaar card, driving license, NREGA or a government ID card. In case tax-payer identification document is not available, an explanation needs to be attached. Physical submission The said form, duly signed by the investor, along with necessary documents, may be submitted at any AMC branch or investor service centre.
PAN needs to be submitted to generate form and OTP is sent to registered email ID and mobile number.
Points to note - The form needs to be filled up by all joint holders, guardian of a minor as well as power of attorney holder.

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