Korean Practice News Letter, Current Issue - Issue 5

Korean Practice News Letter, Current Issue - Issue 5

On January 17, 2013, the U.S. Department of Treasury and the Internal Revenue Service released the final regulations for the Foreign Account Tax Compliance Act (FATCA).

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Since the enactment of FATCA in March 2010, Treasury and the IRS have issued several rounds of preliminary guidance, including proposed regulations. The recently released final regulations have been much anticipated by taxpayers that expect to be affected by the new FATCA withholding and reporting regime, particularly in light of the looming January 1, 2014. KPMG released a high level analysis of key changes in the final rules. This document contains a more comprehensive analysis of the changes, by section, incorporating salient points from the initial release.

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