EVENTS & CONFERENCES

  • Countdown to FATCA with Ernst & Young

    April 29 2014, 08:30 - 10:00
    Location: AmCham France - 77 rue de Miromesnil 75008, Paris
     

    The Chairman of the Taxation Task Force of the American Chamber of Commerce is pleased to invite you to a breakfast roundtable to discuss the ramifications of FATCA, to be held on

     

    Tuesday, 29 April 2014

    8:30 – 10:00

    AmCham France

    77 rue de Miromesnil – 75008 Paris  

    REGISTER NOW by emailing amchamfrance@amchamfrance.org

    During this meeting, we will take a look at what the deadline of 1 July 2014 really means, and how international groups need to prepare.

     

    We anticipate discussions of the following subjects:

    • The application of FATCA – not only to banks and financial institutions, but also how nonfinancial groups may be affected by FATCA;
    • Changes in reporting requirements as a result of FATCA;
    • IRS guidance on the interpretation and application of FATCA, and how IGAs affect the rules first published by the IRS;
    • Last minute tips for coping with the entry into force of FATCA on July 1, 2014

     

    Presenters:

    Ernst & Young FATCA specialists in financial and in nonfinancial markets and representatives of the private community to share their views and experiences.

    FATCA officially goes into effect on 1 July 2014.   Is your bank, is your company, is your international group ready?

    The adoption of “Foreign Account Tax Compliance Act” or FATCA in 2010 by the US government was aimed at US tax evaders using offshore accounts, and its reach was considered almost excessively broad. The reaction of taxpayers and non-US governments alike was vehemently negative at first. However, as the US government worked on creating and introducing implementing measures, it showed the rest of the world that FATCA could be a real tool for tax and financial administrators.

    In the last couple years, over 800 pages of regulations have been published by the US government with detailed explanations of how to interpret and apply FATCA.  An internet portal has been created to register all the entities from around the world that fit the definition of “foreign financial institutions.”  More than 25 countries have entered intergovernmental agreements (IGAs) with the US.  And, another 20 or jurisdictions are on the point of signing IGAs with the US government.  Now, FATCA is considered an inevitability, and July 1 will mark the beginning of a new era in tax administration.