This is another side of the story which is less discussed. I don’t have any time to translate right now, so here is the google translation:
Much effort for corporations
Each group now has to analyze hundreds of worldwide Group companies in order to clarify exactly how it is affected by the FATCA. Companies such as ABB, Holcim, Nestlé and Novartis Check this moment. According to Novartis tax expert Roxana Leske to be seen not least affected by the U.S. rules Due to the necessary clarifications and additional information to be specified obligations to document many companies.
For groups of companies from the industry’s activities are affected by the FATCA, according to expert estimates, less than 1%. The affected companies have until mid-2014, time to register these units in the U.S. tax authorities. A failure can be costly: A withholding tax of 30% is due, and it threatens even buses when was violate local laws.However, the Group’s internal review is still necessary for any other reason. Because the corporations want to invest in U.S. securities, they must specify their FATCA status at the bank, which in turn is under the FATCA.
Even smaller companies
About their banking relationship even small companies can be acquired without financial activities, if they are owned by Americans. For U.S. citizens must also be reported by the bank, if the company is a majority-passive activities. This is to prevent U.S. citizens hide their money from the treasury by companies are interposed. For the U.S. tax authorities of the marginal benefit in getting wider fight against tax evasion takes Although source, however, doubt the network is rather too far ejected and thus includes companies that are the authorities perhaps never report in practice a U.S. taxpayer. The U.S. system is to suppress all just kind of possible workarounds, so that as no tax evaders more falls through the cracks.
