Pegasus Securities

Foreign Account Tax Compliance Act.

Foreign Account Tax Compliance Act

Governments all over the world, in an effort to fight tax evasion, improve tax transparency and to protect the reliability of the taxation system, require from financial institutions the collection of tax information from their clients. They also request reporting of this information from the tax authorities of each country.

The Foreign Accounts Tax Compliance Act, known as FATCA, was imposed by the U.S.A. and was put in effect in July 2014. Its purpose is to trace, deter and discourage tax evasion by U.S. citizens or residents, who directly or indirectly invest outside of the U.S., via foreign financial institutions.

Many countries have signed the transnational agreement with the U.S.A., in order to facilitate the application of the FATCA provisions from financial institutions in their jurisdiction.

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