THE FATCA 2010 : IMPLICATIONS FOR INSTITUTIONS & ENSURING COMPLIANCE

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Who should attend this course?

This course is an introductory level course for which the target audience is compliance officers, the staff of law enforcement agencies, risk management professionals, policymakers, regulators, consultants, auditors, accounting and control officers, and senior practitioners.

Introduction

The Foreign Account Tax Compliance Act (2010), despite being US law, imposes comprehensive regulatory and compliance requirements on a wide range of institutions globally. The Act was enacted by the US Congress in 2010 to combat tax evasion by US taxpayers who hold investments in offshore accounts. It has been estimated that the US Treasury loses approximately $100 billion each year to international tax-dodging schemes. However, the FATCA 2010 is not only applicable to US financial institutions but affects a wide range of other bodies, financial and non-financial, US and non-US, imposing a number of compliance obligations. This makes it imperative for the relevant staff of these institutions to understand the requirements under the FATCA so as to ensure that compliance can be achieved and maintained.

This course will enable its participants to gain a detailed understanding of the FATCA 2010 so as to ensure effective compliance and also to identify the key requirements and risks facing their institution. 

Course objective

At the end of this course, you will be able to:

  • Understand the key provisions of the FATCA 2010;
  • Analyse the effects of this Act on you, your institution and on tax enforcement operations worldwide;
  • Understand the responsibilities of your institution under the FATCA;
  • Understand the requirements of various US Internal Revenue Services (IRS) reporting forms for US and non-US institutions;
  • Identify the risks facing your institution regarding FATCA violations; and
  • Propose sound countermeasures for your institution to efficiently comply with the FATCA requirements.

What will be covered in the course?

  •  Key provisions of the FATCA;
  • Due diligence requirements to identify US accounts;
  • IRS Online FATCA Portal demonstration – registration process and designated compliance officer;
  • Institutional reporting requirements to the US IRS; and
  • FATCA’s withholding obligations for institutions and how to effectively apply these requirements.

Duration : ONE Day Course (9:00am-5:00pm)

Speaker      Dr. Ramandeep                          Chhiina

Cost             GBP 1475 +VAT                            Per 20 Delegates   

Level           Introductory

Venue         Onsite Training

Date            As Agreed

Duration     ONE Day Course 

Timings      9:00am-5:00pm

Course Code FLE 002  


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