About the 5th Withholding Tax Congress on US Sourced Income

The potential impact that the US Foreign Account Tax Compliance Act will have on banks and financial institutions is unprecedented. The scope of FATCA is vast and financial institutions across the globe will be confronted with a major task in the run up to implementation. FATCA will not only impact banks’ compliance procedures – they will also need to overhaul their information and reporting systems in preparation for the new rules.

 FATCA will have a far-reaching impact on US-based companies as well as foreign companies with US assets or clients. Under the new provisions, a FFI may enter into an agreement with US tax authorities (a.k.a. the Internal Revenue Service, or IRS) requiring it, among other things, to report information on the FFI’s US accounts. A FFI that enters into such an agreement becomes a “participating FFI.”

If a FFI does not enter into an agreement with the IRS, all relevant US-sourced payments, such as dividends and interest paid by US corporations, will be subject to a 30% withholding tax. The same 30% withholding tax will also apply to gross sale proceeds from the sale of relevant US property.

All FFIs must comply with FATCA by 1 January 2013, or be subject to withholdings. Given the significant lead times large companies may need to comply with FATCA requirements — particularly for IT system changes — financial leaders are strongly encouraged to act now.

OsneyMedia‘s 5th Withholding Tax Congress on US Sourced Income will enhance your understanding of the FATCA provisions and provide detailed information on how affected institutions should prepare to comply with the new regime.

If you have any exposure to the US Withholding Tax Regime this event will help you:

• Understand how you can prepare for the changes the new withholding tax system may put in place
• Get an insight into how to develop the right systems needed to fully comply with FATCA
• Overcome implementation challenges of affected financial institutions
• Get to grips with audit implications of the new regulations for system controls, documentation and reporting requirements
• Learn about practical considerations of cost-basis reporting

Key topics being addressed by our expert speaker panel include:

• US Treasury and IRS Plans to Phase in the Requirements of the Foreign Account Tax Compliance Act (FATCA)
• FATCA and Compliance Mechanisms
• FATCA in Today’s Market; who will bear the Burden or will this Trigger a New Non US- Investing Community? 
• FATCA: Diligence to be undertaken by Participating FFI’s to Classify Customer’s Accounts
• The Flaws in FATCA
• Impact of FATCA on Funds and Administrators
• EU Tax Proposals in the Light of FATCA
• Life Insurance and Pension Funds under FATCA
• Coping with FATCA: Can FATCA be Minimized or Avoided?
• FATCA’s Consequences on Financial Services
• Coping with FATCA: Can FATCA be Minimized or Avoided?
• Withholding Issues including the OECD’s “TRACE” Project
• Potential Impacts of FATCA on Capital Markets and the Business Decisions of Banks