FATCA: An Initial-impact Assessment
The US wants its tax money and will be implementing the Foreign Account Tax Compliance Act (FATCA) to help get it, so foreign companies should be prepared. In a new report, Aite Group analyst Virginie O’Shea and senior analyst Chris Thrappas provide an overview of the FATCA as it stands today, and assess its implementation by participating non-US financial institutions that must comply with this extraterritorial legislation starting in 2013.
While compliance will be costly and onerous, Aite Group expects the real costs for individual firms to vary based on the state of the client account data in question and the technology and systems framework that stores that data.