Foreign account tax compliance act (FATCA)
The Foreign Account Tax Compliance Act (FATCA) is a U.S. law aimed at prevent tax avoidance by U.S. taxpayers through the use of offshore accounts.
The “FATCA regulations” are amended on December 27, 2019 and If P&C Insurance or If Life FATCA forms are no longer required in their insurance business activities as the premiums on non-cash value products are no longer withholdable payments. If Group companies are considered as a non-financial entity and they are subsidiaries of a publicly listed entity, Sampo plc.
The proposed regulations contained language that this particular provision was effective immediately and covers all open years. This means it is effective immediately and is applicable both prospectively and retroactively.
Do you have questions regarding the FATCA forms?
In case of questions related to If's status under FATCA and similar regulations kindly contact your contact person or send mail to Tax Counsel in If.