Articles by Dmitry Chistov

FATCA Is About to Change but Is Still Challenging

  • 17 July 12
  • KPMG in Russia and CIS
The Foreign Account Tax Compliance Act (FATCA), U.S. legislation that will impact foreign banks and other financial institutions, goes into effect starting next year. If foreign financial institutions comply with FATCA, they will take on heavy administrative burdens. If they do not, the U.S. Internal Revenue Service (IRS) will assess a 30% tax on their income from the U.S. Foreign, including Russian, companies did not know how to respond to the legislation's many practical and even legal difficulties.