FATCA, which was enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act of 2010, requires financial institutions to use enhanced due diligence procedures to identify US persons who have invested in either non-US financial accounts or non-US entities. The intent behind FATCA is to keep US persons from hiding income and assets overseas. Belgium will implement FATCA by entering into an agreement with the United States.
How will your firm be affected by FATCA?
FS institutions which have to comply with the legislation are gauging the precise impact on their businesses. Financial institutions will need to make significant process and technology changes to comply with FATCA. While most FATCA provisions don’t take effect until July 1, 2014, many financial institutions have already begun to prepare. Financial institutions should consider steps such as:
- Performing a current state assessment of the systems and operations
- Conducting gap analyses
- Developing action plans to implement changes required for FATCA compliance
- Evaluating legal entities to determine if they are FFIs or otherwise covered by FATCA
- Registration,…
How PwC can help
Our FACTA services in Belgium allow you to access the world’s leading global tax network and its highly qualified team of legal, regulatory and compliance experts.
Our approach: to transfer knowledge and experience fluidly across industries and services through strong collaborative global network.
We share our thinking, experience and solutions in order to develop fresh perspectives and advice that is grounded in practice.
Our FATCA experts
Our experts have been active in Fatca since the start, working hand in hand with clients, several Belgian sector associations and the Belgian administration.
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