What Does Foreign Account Tax Compliance Act Mean?

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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

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.

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