KPMG/UTO Educonsult presentation, panel discussion on FATCA
Monday, 7 April 2014 00:00
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FATCA is a US legislation enacted by US Congress to prevent offshore tax abuses by US citizens. The FATCA rules are wide-ranging and will require global financial institutions, investment entities, as well as national banks and other multinational organisations, to comply with certain reporting requirements. Failure to comply would result in a punitive 30% withholding on all US source withholdable payments. This withholding will commence on 1 July 2014 from banks and other financial institutions and this could jeopardise valuable on-going commercial relationships with other companies
This would have a direct impact on Sri Lankan banks, financial institutions, insurance companies, trusts, private equity, brokers, custodians, as well as certain multinational companies, and any persons holding US investments and deposits. FATCA has cross border application as a result of inter-governmental agreements that have been entered by United States with other countries. This program has been designed by KPMG to address all areas of concern germane to FATCA.
As with 25 April 2014 being the cut-off date for closure of the portal for registration, KPMG’s FATCA Forum offers an unrivalled opportunity for financial services professionals to interact with those with direct experience in implementing FATCA compliance programs, and those with insight into the wide-ranging global impacts of the legislation.
The event will feature presentations by Naresh Makhijani, Partner - Tax, KPMG in India, and Suresh R.I. Perera, Principal - Tax, KPMG in Sri Lanka. The program will highlight on the areas of the introduction to FATCA, its importance to your business/organisation, method of registration, regulatory impact and various other impacts for the global and local business environment.
The presentation will be followed by a panel discussion comprising NDB Bank Director/Chief Executive Officer Rajendra Theagarajah, Association of Compliance Officers of Banks Treasurer and Union Bank Head of Compliance Chaya Gunaratne and Candor Equities Ltd. Director/Chief Executive Officer Ravi Abeysuriya. Moderating the panel discussion will be Founder Editor of the Daily FT Nisthar Cassim
