Compliance with global tax requirements has grown increasingly complex, costly and ever-changing. Financial institutions that fail to comply with the rules may run afoul of client privacy and confidence, while incurring substantial overwithholding of taxes, penalties and risk financial exposure. In addition, significant reputational risks exist — no financial institution wants to appear in headline news.
U.S. Financial Institutions (USFI)
USFIs that maintain financial accounts for clients or vendors are obligated to comply with various documentation, tax withholding and information reporting requirements.
GCS can assist by providing:
- Documentation review
- Tax withholding and reporting review
- Diagnostic review
- Outsourcing
Non-U.S. Financial Institutions (FFI)
FFIs that maintain financial accounts or act on behalf of clients who receive U.S. source income are obligated to comply with various U.S. documentation, tax withholding and information reporting requirements.
GCS can assist by providing:
- QI status and administration with the IRS
- Compliance programs that meet QI or FATCA requirements
- Diagnostic review of compliance program
- Documentation review
- Certification and Periodic Review, or Waiver Request, if eligible
- Outsourcing