Compliance News and Information
What is GIIN ? GIIN stands for Glocal Iintermediary Iidentification Number. GIIN is something similar to tax identification number assigned to individual tax payer. GIINs are assigned by IRS ( Internal Revenue Service ) to Foreign financial institutions , withholding agents, and sponsoring entities. How… Read more >
Security and compliance has becoming increasingly important for every organization. The corporate world has realized the significance and started appointing CSOs and CCOs from early 2002, especially after the accounting scandals in year 2000 that started the whole Serbians-Oxley saga.Chief Security Officer… Read more >
NASSAU, Bahamas — This past week, a bill to enact The Foreign Accounts Tax Compliance Act (FATCA) was passed in the Senate to ensure that The Bahamas continues to remain aligned with the most recent international financial standards. In an… Read more >
India is likely to sign the inter- governmental pact for the US tax compliance law FATCA on Thursday, a move that will help it fight tax evasion. Foreign Account Tax Compliance Act (FATCA) is aimed at combating possible tax evasion… Read more >
On March 4, 2015, Senator Rand Paul (R) Kentucky, introduced Senate Bill S66, a bill that amends the Internal Revenue Code with respect to withholding requirements for payments to foreign financial institutions, reporting for foreign financial assets, penalties for undisclosed… Read more >
FATCA doesn’t change any substantive tax rights that the United States or in the foreign country has in respect of its citizens or residents, nor does it require us to act as a tax collection agent for the United States… Read more >
The Foreign Account Tax Compliance Act (FATCA) is specific United States (U.S.) legislation that aims to reduce tax evasion by U.S. citizens, U.S. tax residents, and U.S. entities. Under FATCA, U.S. citizens or U.S. tax residents, with specified foreign financial… Read more >
FATCA and What is a Specified US Person[/caption]One of the other main elements of the FATCA due diligence procedures is the concept of ―Specified U.S. Person. These persons are the key target of FATCA. Colloquially, the objective of FATCA is… Read more >