The Foreign Account Tax Compliance Act (FATCA), which comes into effect on July 1, 2014 is intended to reduce the levels of tax avoidance by U.S. citizens and entities through foreign financial institutions (FFIs). The aim is to identify U.S. tax payers who hold financial assets in non-U.S. financial institutions and offshore accounts so they cannot avoid their U.S. tax obligations.
FATCA will have a significant impact on the compliance processes for thousands of organizations around the world, both financial and non-financial. It will transform the global tax framework and preparation for the new Act may become complex and arduous.
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The Thomson Reuters for FATCA solution brings together market-leading products widely used by organizations around the world that span all obligations required by the new law including due diligence, withholding, customer identification, reporting and compliance management. Users benefit from our many years of experience and compliance expertise so they can be confident that the components of our solution are tried and tested and used daily by thousands of organizations.