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FATCA Basics
Learn the basic concepts and general framework of FATCAPreview the first lesson free — get full access to all 18 lessons.
Beginner Provider : KnowledgeCity 4 chapters · 18 Lessons · 23m in Arabic, English, Spanish
Course Description
The Foreign Account Tax Compliance Act (FATCA), started as a United States law to address financial crime. Specifically, FATCA sought to address offshore tax evasion committed by United States citizens. Since its inception, FATCA has changed and evolved into a global reform for tax compliance. These banking courses examine the basic principles of FATCA and its general framework.
What You'll Learn
- Explain the basic principles of the Foreign Account Tax Compliance Act (FATCA) and its general framework
- Describe what FATCA is and trace its history and evolution from a United States law into a global tax-compliance reform
- Identify who has authority over FATCA and what the Act requires
- Distinguish between FFIs, PFFIs, NPFFIs, and NFFEs and explain their reporting obligations
- Recognize key FATCA concepts including IGAs, U.S. Indicia, USWAs, and pre-existing accounts
- Assess whether and how FATCA impacts U.S. entities
Key Takeaways
- FATCA started as a United States law created to address financial crime, specifically offshore tax evasion committed by United States citizens.
- Since its inception, FATCA has changed and evolved into a global reform for tax compliance.
- The course examines the basic principles of FATCA and its general framework.
- FATCA addresses reporting obligations for foreign financial institutions (FFIs) and covers entity types such as PFFIs, NPFFIs, and NFFEs.
- The course covers FATCA concepts including IGAs, U.S. Indicia, USWAs, and pre-existing accounts.
Frequently Asked Questions
What is this course about?
It is a banking course that examines the basic principles of the Foreign Account Tax Compliance Act (FATCA) and its general framework, covering what FATCA is, its history, who has authority over it, what it requires, and how it impacts U.S. entities.
What is FATCA according to this course?
FATCA, the Foreign Account Tax Compliance Act, started as a United States law to address financial crime, specifically offshore tax evasion committed by United States citizens, and has since evolved into a global reform for tax compliance.
What topics and concepts does the course cover?
The course covers FATCA's history and framework, what FATCA requires, its impact on U.S. entities, what FFIs need to report, and key terms including FFIs, PFFIs, NPFFIs, NFFEs, IGAs, U.S. Indicia, USWAs, and pre-existing accounts.
What skills does this course help build?
It builds skills in Financial Regulations, the Foreign Account Tax Compliance Act, the Foreign Corrupt Practices Act, International Taxation, Tax Compliance, and Tax Havens.
