KPMG in the Channel Islands’ breakfast briefing on the draft Foreign Account Tax Compliance Act (FATCA) regulations will now take place on Thursday 23 February after the publication of the draft regulations and further guidance on FATCA was pushed back beyond the original expected date.
The briefing, due to take place on 18 January, will look in detail at the regulations which are expected to highlight the next steps that local financial service firms should be taking to prepare for the introduction of the new legislation which seeks to identify US residents who may be evading tax through the use of offshore investments or investment vehicles.
KPMG’s global FATCA team, made up of ex-IRS personnel who worked on drafting the regulations and preparing 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.
Heading up KPMG’s briefing will be Executive Director, Tony Mancini.
“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.”
The KPMG breakfast briefing is open to finance 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.