What does Foreign Account Tax Compliance Act mean? Read on to discover the definition & meaning of the term Foreign Account Tax Compliance Act - to help you better understand the language used in insurance policies.

Foreign Account Tax Compliance Act

Establishes rules for the reporting of foreign financial assets held by U.S. taxpayers in a foreign financial institution (FFI) or a nonfinancial foreign entity (NFFE). FATCA imposes a 30 percent FATCA withholding tax on withholdable payments made to an FFI or an NFFE unless the FFI or the NFFE meets certain stipulated conditions.

We hope the you have a better understanding of the meaning of Foreign Account Tax Compliance Act.

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z