This document provides an overview of the Foreign Account Tax Compliance Act (FATCA), which is part of the US Internal Revenue Code. Enacted by the HIRE Act on March 18, 2010, FATCA requires non-US financial institutions and entities to disclose US account holders or face a 30% withholding tax on US source income. The document outlines the purpose, impact, and implementation challenges of FATCA, including its effect on foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs). It also discusses the IRS's role in implementing FATCA and the options available to FFIs and NFFEs for compliance.
documents/EFTA01104638.pdf
{}