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The majority of banks that need to comply with the Foreign Account Tax Compliance Act
(FATCA)'s requirements will not be ready to meet its deadlines, according to a survey
conducted by KPMG LLP, the U.S. audit, tax and advisory firm. Finance and tax executives
in the U.S. and global banking industry are discovering that compliance is challenging.
Account identification requirements were cited by 31 percent of respondents with U.S.-based
banks and 30 percent of respondents with foreign banks as the biggest compliance challenge
for their institution. Reporting requirements were identified as the second most difficult
compliance hurdle (24 percent with U.S. - based banks and 28 percent with foreign banks).
For the complete article, please go to Big4.com