This document is a presentation by Baker & McKenzie on the Foreign Account Tax Compliance Act (FATCA), outlining its implications, requirements, and guidance for various financial entities. It covers the introduction of FATCA under the HIRE Act of 2010, the withholding tax on foreign financial institutions (FFIs) and non-financial foreign entities (NFFEs), exceptions for qualified FFIs, and new reporting requirements. The document also discusses the repeal of the foreign-targeted obligation exception, treatment of dividend-equivalent payments, disclosure of foreign financial assets, and penalties for underpayments. Additionally, it provides guidance for banks, trust companies, and funds on compliance with FATCA.
documents/EFTA01111788.pdf
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