Foreign Account Tax Compliance Act Provisions

SIFMA provides comments to the U.S. Department of Treasury and the Internal Revenue Service (IRS) on regulations that are being developed to implement the provisions of the Foreign Account Tax Compliance Act (FATCA).  The regulations were drafted pursuant to Section 501 of the Hiring Incentives to Restore Employment Act (HIRE Act).  The SIFMA letter addresses concerns regarding the FACTA withholding tax as applied to a foreign financial institution (FFI) or non-financial foreign entities (NFFEs).