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By Pierre KIRSCH, Partner and Camille PEREZ, Director PwC Luxembourg
The Foreign Account Tax Compliance Act (FATCA) regulation has now been alive for more than eight years. Thanks to the entry into force of FATCA, the United States receives from financial institutions across the world, directly or via the local tax authorities, some static and financial information about Specified U.S. Persons (e.g. individuals with U.S. residency, citizenship or entities located in the U.S. or foreign entities with U.S. Ultimate Beneficial Owners (UBO) who are clients/investors of those financial institutions.
Therefore, the U.S. Tax Authorities, the Internal Revenue Service (IRS), receives such information on an annual basis and can put it into perspective...
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