The Foreign Accounts Tax Compliance Act (FATCA) is here, and is set to have a material impact on the operational and strategic activities of South African Financial Institutions
This document is a brief overview of FATCA and the steps that the South African Government is taking to implement it in South Africa. It outlines the obligations that FATCA and the Intergovernmental Agreement (IGA) imposes on Foreign Financial Institutions and the steps that these foreign financial institutions should take in becoming FATCA compliant.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.