Dear Members,

IMAS is partnering with Deloitte to conduct a luncheon seminar on the Foreign Account Tax Compliance Act (FATCA) on 26 October 2010. We would like to invite MDs, CEOs, CFOs, Financial Controllers, and Tax Managers of our member investment management companies to attend this presentation.

Background
The United States has recently introduced a new tax reporting legislation, known as the Foreign Account Tax Compliance Act (FATCA). The legislation is complex and draconian, and will impact all financial institutions with U.S.-sourced income. Through new special punitive withholding tax rules, the legislation in effect forces financial institutions to enter into a tax reporting agreement with the US IRS, which in turn has significant cost and resource implications. The legislation applies to payments made after 31st December 2012. Non-compliance will result in a 30% withholding tax on the U.S.-sourced income and gross sales proceeds of both the institution and its account holders.

Through this seminar, we hope that our affected members are better equipped to develop an implementation and remediation roadmap to be ready when FATCA takes full effect.

Date: 26 October 2010, Tuesday
Time: 12.00 – 1.30 pm
Venue: Deloitte & Touche LLP, 6 Shenton Way #32-00, DBS Building Tower Two, Singapore 068809
Cost: Complimentary (IMAS members only)

Light lunch will be provided. For more information, please click here.
Please RSVP by 21st October 2010 to Miss Kylie Luo at +65 6216 3341 or email at kluo@deloitte.com.

Click here for the Presentation Slides.