SEC Circular on FATCA Compliance for NBFIs

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SEC MEMORANDUM CIRCULAR NO. 8: SEC Circular on FATCA Compliance for NBFIs

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Title Supreme Court: SEC Circular on FATCA Compliance for NBFIs

Law: Sec Memorandum Circular No. 8

Decision Date: Apr 3, 2014

The SEC Memorandum Circular No. 8 mandates non-bank financial institutions to comply with the U.S. Foreign Account Tax Compliance Act (FATCA) by implementing procedures for the registration and reporting of U.S. taxpayer accounts to avoid a 30% withholding tax on U.S. sourced income.

foreign account

tax compliance

bank financial

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