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Earlier this week stories about ‘non-doms’ fleeing the UK, over fears about Brexit and a change of leadership flood the headlines. … Read more
We explore whether not knowing about the RTC deadline is a reasonable excuse for not correcting offshore non-compliance … Read more
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Allan Wilkinson, Director at Buzzacott, said, “We would suggest to financial institutions in the region which signed up to FATCA before 2017 to check their agreements and update them if necessary.
Otherwise, they will be considered as a Non-participating FFI as of January this year. It is important for financial institutions to maintain their Participating FFI status, otherwise their clients may be hit with a 30% withholding tax on any payments of income originating from the US.”
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