KPMG in the Channel islands is holding a breakfast briefing to summarise the draft Foreign Account Tax Compliance Act (FATCA) regulations, which are expected to be released early January, and to highlight the next steps local financial service firms should be taking to prepare for the looming deadline.
Heading up KPMG’s briefing at Les Cotils on Wednesday 18 January, 2012 will be Executive Director, Antony Mancini.
Here Mr Mancini will explain the key aspects of the draft regulations and what FATCA will mean for local businesses.
KPMG’s global FATCA team, made up of ex-IRS personnel who worked on drafting the regulations and perparing the IRS’s infrastructure and representatives from the firm’s international practices, has helped to establish a global FATCA training academy. Six members of KPMG’s Channel Island team attended the academy and have since become fully accredited FATCA practitioners.
This local team of experts will provide an overview of the regulations surrounding the legislation, which seeks to identify US residents who may be evading tax through the use of offshore investment vehicles.
Although not set to go live until 2013, KPMG warns that Channel Island financial institutions and investment structures which receive US income or hold US investments will have a significant amount of work to do to prepare for this unprecedented regime.
“If you haven’t already started to consider FATCA and assessed the impact it will have on your business then you may have already fallen behind,” said Mr Mancini.
“FATCA will impact everyone in some shape or form and due to its complexity it is vital that firms on the island understand the scope of the regulations.”
KPMG explains that despite some uncertainty regarding the detailed implementation of the new regime, there is sufficient information for organisations to begin planning their approach to FATCA compliance immediately.
“Businesses should have already assessed whether their entities or those they administer are ‘Foreign Financial Institutions’ under FATCA’s definition, and to what extent their existing client or investor records and compliance procedures will satisfy the requirements of the Act.”
The KPMG breakfast briefing is open to finance and non-finance business sector leaders, non-executive directors and business owners and will take place at Les Cotils. Registration and a light breakfast will be served from 8.15 am and the briefing will begin at 8.30 am and close at 9.45 am.
For more details or registration call Lisa Coverdale on 01481 755786 or email firstname.lastname@example.org.