HIRE Act - Are You Prepared?
| Duration: | ½ day |
| Level: | See Below |
| Suitable for: | Money Laundering Compliance Officers (MLCOs), Money Laundering Reporting Officers (MLROs), Compliance Officers, Risk Managers, Trust Directors, Directors, Non-Executive Directors (NEDs) |
| CPD Hours: | 3 |
| Cost: | £175.00 |
| Dates: | Wed 27 Jun 2012 Book Now »
Fri 07 Sep 2012 Book Now » |
Overview
Practical training on the Foreign Account Tax Compliance Act (FATCA) Provisions of the Hiring Incentives to Restore Employment (HIRE) Act of 2011.
On 1st January 2014 the provisions of the broadest tax and information reporting legislation ever enacted will take effect globally. It will impact all non-US financial institutions including banks, investment funds and trusts. The effect will be significant. Businesses that do not prepare adequately to comply with the HIRE Act will be set on a collision course with the US Internal Revenue Service.
Course content
- Understanding FATCA
- Background
- Objectives
- Why tax is the new ‘narcotic’
- How FATCA builds upon the QI regime
- The application of FATCA to businesses in Jersey
- The definition of Foreign Financial Institutions (FFIs) and Non-Financial Foreign Entities (NFFEs)
- The treatment of bank accounts, trusts and companies, investment funds
- How will FATCA work in practice?
- What are US accounts?
- The information sharing option and what it means in practice
- Withholding tax option and what it means in practice
- Preparing for FATCA
- Impact on products
- Amendments to internal documentation
- Amendments to due diligence procedures
- Enhancements to compliance programmes
- Amendments to systems
- Case Studies
Learning outcomes
The workshop will equip you to understand:
- The key FATCA provisions of the HIRE Act and how and why they apply to businesses in Jersey
- How the FATCA provisions build on the US Qualified Intermediary (QI) regime
- The choices available to businesses in Jersey in responding to the HIRE Act and what those choices mean in practice
- The risks of conducting business with any US person or entity beneficially owned by a US person
- Practical case studies to illustrate the potential impact of the FATCA provisions on Jersey businesses
- How you can prepare to comply with the HIRE Act
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