FATCA Regulations on Cross Border Financing - IPBA 2012

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Reporting on U.S. Accounts and Owners‣ A participating FFI is required to report to the IRS the following information withrespect to each U.S. account:• the name, address, and tax identification number (“TIN”) of each accountholder that is a specified United States person and, in the case of an accountholder that is a United States owned foreign entity, the name, address andTIN of each substantial United States owner of such entity• the account number;• the account balance or value; and• except to the extent otherwise provided by the Treasury, the gross receiptsand gross withdrawals or payments from the account determined for suchperiod as provided by the Treasury.gsblaw.com 22
Election to Report as a U.S. Financial Institution‣ In lieu of reporting on U.S. accounts and owners as discussed above, aParticipating FFI can elect to report on Form 1099 in the same manner as a U.S.financial institution is required to report.gsblaw.com 23
Page 1 and 2: FATCA Regu
Page 6: Key Withholding RequirementsWithhol
Page 9: Glossary of General Terms‣ Non-Fi
Page 12 and 13: Key Terms Related to “Foreign Fin
Page 14 and 15: Phased Implementation‣ On July 14
Page 16 and 17: FFI and NFFE Compliance Requirement
Page 18 and 19: 5-Step Procedure for Identification
Page 20 and 21: Private Banking Clients‣ Special
Page 24 and 25: Procedures to Identify and Withhold
Page 26 and 27: Payors of Withholdable Payments Lia
Page 28 and 29: Updating Internal Systems‣ Payor
Page 30 and 31: Withholding Scenarios for FFIsSCENA
Page 32 and 33: Interaction with NRA Withholding Ru
Page 34 and 35: FATCA and U.S. Inc
Page 36 and 37: Withholding on U.S. Equity Swaps‣
Page 38 and 39: Notional Principal Contracts‣ An
Page 40 and 41: Specified Notional Principal Contra
Page 42 and 43: Liability of Withholding Tax‣ Wit

FATCA Regulations on Cross Border Financing - IPBA 2012

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