The Foreign Account Tax Compliance Act (FATCA) is a new legal and regulatory tax driven requirement originated from the United States of America. It is designed to prevent United States taxpayers from concealing their assets from the United States Internal Revenue Service (IRS) to avoid paying tax by channelling United States source income through non-United States ‘foreign’ financial institutions (FFIs) and other entities. The IRS requires firms like Standard Bank Group as an FFI to identify United States taxpayers or potential United States taxpayers and report on them to the local tax authority or IRS.
Standard Bank’s responsibilities under FATCA
Standard Bank Group confirms that it complies with the obligations contained in the Act or Inter-Governmental Agreement (IGA) in every jurisdiction in which it has operations, and has registered with the IRS. As a FATCA requirement Standard Bank Group will collect additional information about its clients and report United States taxpayers’ account details, including balance and other information, to the local tax authority or IRS from Quarter 1, 2015 in respect of the prior year.
Entity Client Classification
The links below contain relevant regulatory information which may assist in determining entity status under FATCA and related tax transparency agreements. If you are in any doubt as to the impact this may have on you or your company you should seek professional advice from your tax advisor. Should the FATCA status of Standard Bank Group entities be required by your institution, we will provide you with the W8-BEN-E and W8-IMY forms, upon request.
HM Revenue & Customs - United Kingdom