FATCA (Foreign Account Tax Compliance Act) Requirements. Russian Aspects
Stella Gukova, Head of Legal and Compliance Department, ZAO Sumitomo Mitsui Rus Bank, Russia
The Foreign Account Tax Compliance Act (FATCA) is quite a popular topic in legal society at this time. Although due to the complexity of regulation and volume of information there is still much uncertainty surrounding the practical application of FATCA to financial organizations. FATCA is more than 500 pages of professional language text, the structure of the document is quite complex and it contains a lot of complicated provisions. Considering the above mentioned it’s obvious that the format of the article doesn’t allow us to consider it in full. This paper is dedicated to the main basic points required to understand FATCA conception as well as to stress attention to the most critical items arising during practical implementation of FATCA and to provide some information on the current status of FATCA’s implementation in Russia.
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