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The US Foreign Account Tax Compliance Act (FATCA), enacted on 18 March 2010, will have a substantial impact on certain accounts held at Foreign Financial Institutions (FFIs). The expansive definition of FFIs will have specific significance for Banks, for the insurance industry and for investment vehicles. On 8 April 2011, the US tax authorities (the Internal Revenue Service, IRS) issued a second Notice in order to provide some further guidance on the scope and implementation of FATCA. In an LFF Interview, Kerstin Thinnes (picture), Partner and Amandine Horn, Manager at PwC Luxembourg speak about FATCAs consequences on the financial services.
Could you give us a general overview on the FATCA law?
The FATCA law creates a...
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