Global Compliance Institute – Foreign Tax Specialist (FTS)

Demetris Savvides

Global Compliance Institute – Foreign Tax Specialist (FTS)

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Course Overview 

The aim of this programme is to analyse the two main regulations currently in place regarding the United States’ Foreign Account Tax Compliance Act as an automatic exchange of financial account information for tax purposes, as well as the impact of its provisions on financial institutions.

The FATCA´s legal framework is presently global transparency initiatives that require Foreign Financial Institutions to automatically report financial account information of specific account holders that are subject to reporting, as per the content of the regulations. Financial Institutions are instructed to implement exhaustive due diligence measures intending to hinder any attempt by account holders to bypass the reporting. The FATCA obligations are therefore an expansion of the pre-existing know-your-customer (KYC) requirements that Financial Institutions have to fulfil, mainly due to the added need for constant monitoring and reviewing of account holders’ information and accounts, whereas KYC processes often simply follow a model of periodic reviews based on clients’ risk-rating.

This programme focuses on identification of legal obligations for Financial Institutions regarding the U.S. law commonly referred as FATCA. This programme describes the FATCA´s legal framework following with the description of the legal obligations and their weak spots. In the practical part of the programme, the acquired knowledge is used on resolving practical case studies. 

 

Schedule 

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Date:

TBD

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Time:

TBD

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Duration:

14 hours

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Price:

GBP 530 + VAT per attendee

Training Objectives

  • To Identify the development stages of the automatic information exchange regulation system

  • To Understand and analyse the FATCA reporting regulations and to assess their impact on financial institutions.

  • To discuss the reporting obligation of Financial Institution regarding the financial accounts with emphasis on the different categories of accounts combined and their concomitant reporting procedures.

  • To Understand and analyse the withholdable payments, sanction regime for the non-compliance with the reporting obligations set in the U.S. Internal Revenue Code.

  • To discuss the reporting obligation of Financial Institution regarding the U.S. source payments.

  • To discuss the reporting obligation of Financial Institution in connection with their internal relationship with clients and potential changes related to GDPR, the new regulation of the data protection.

  • To Understand and analyse the practical aspects for applying the acquired theoretical knowledge on legal

  • Obligations against a number of case studies.

Programme Outline

1 Basic overview of the FATCA Treaty

1.1 Purpose of the FATCA Treaty

1.2 Legal Status

1.3 Terms and definitions

1.4 FATCA compliance

2 Financial Institution

2.1 FATCA Exception for FIs

2.2 Deemed compliant Foreign Financial Institution

2.3 Reporting Financial Institutions

3 Reportable account

3.1 Identification of the reportable account

3.1.1 Account Holder

3.1.2 Assumption

3.2 Information to be obtained and exchanged

3.3 Consideration of time

3.3.1 To Pre-existing Individual´s Accounts (Accounts created and operated before the

enactment of FATCA)

3.3.2 Pre-existing Entity´s Accounts

3.3.3 New Individual´s accounts

3.3.4 New entity´s accounts

3.3.5 Exemption status

3.4 Collection of the data

3.5 Reporting of the data

3.5.1 Direct report to IRS

3.5.2 Indirect report to the IRS

3.6 Sanctions

3.7 Common conditions

3.7.1 Documentary evidences

3.7.2 Reliance on Third parties

4 Withholdable Payment

4.1 Withholding Agent

4.1.1 Alternative A – FI did not elected to act as withholding agent

4.1.2 Alternative B – FI elected to act as withholding agent

4.2 Withholding procedure

4.2.1 Determine if it has received payment which could be subject to withholdable payments (U.S. source).

4.2.2 Identification of the beneficiary of such a payment (payee). If the payments are made to recalcitrant account holder who did not provide any information about its potential U.S. status or to the Non-CFI.

4.2.3 Determine the amount of withholdable payment which is attributable to the noncompliant financial entity or recalcitrant account holder.

4.3 Liability

4.3.1 Liability towards the IRS

4.3.2 Liability towards clients

4.4 Credit and Refund

5 Account Holder and Financial Institution

5.1 Legal review of the relationship between FI and the client

5.2 FI Secrecy

5.3 GDPR

5.3.1 Lawfulness of processing

5.3.2 Risk of an unauthorized data providence

5.3.3 Suggestion of future steps

6 Practical Part

6.1 Individuals Account Holder

6.1.1 The position of the bank

6.1.2 Obtain GIIN

6.1.3 Finding the information about the client

6.1.4 Transfer to the NonPFI

6.2 Entity account

6.2.1 Finding the information about the client

6.2.2 Finding the status of the Entity

6.2.3 Investment situation A

6.2.4 Investment situation B

7 Conclusion

 Training Style

The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Most of the training will focus in assessing participants’ current strengths and weaknesses via formal assessment tools. Participants will also benefit from customised feedback at the end of the programme and take away the knowledge gained to be transferred at their workplace. Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to solve problems in similar occasions.  Participants will engage in exchange of ideas and sharing of knowledge on the subject matter.  Participants will also be able to ask questions and obtain clarifications from the trainer on all the material covered.

CPD Recognition

This programme may be approved for up to 5 CPD units in Financial Regulation. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies where you hold membership.

Who should attend

The programme is ideal for:

  • Employees and executives of financial entities (such as banks, CIFs, Investment Managers, etc)
  • Lawyers and legal professionals
  • Accountants
  • Compliance professionals
  • Operations Managers and Teams
  • Risk professionals
  • Tax Professionals

 

 

Who is Demetris Savvides?

Demetris Savvides holds degrees in law, management and criminology and has been a lecturer in for more than nine years in the field of business law and management having taught numerous courses in business, corporate, taxation, GDPR and criminology, with an extensive record in academic publications in internationally renowned business journals. In addition, Demetris Savvides is an experienced corporate lawyer helping hundreds of companies in their normal functioning, engaging in transactional and legal advisory including advisory relating to day-to-day business regulatory issues, GDPR implementation matters, and corporate tax planning. Tending to clients, both domestic and international, Demetris Savvides has gained vast experience in dealing with business matters right from inception and catering to the regular corporate and compliance needs for successful functioning to empowering companies to scale to their potential. Demetris Savvides has had a notable track record of advising clients in corporate transactions that are vital for their business. His overall commercial corporate experience has both the in-depth knowledge of business laws and corporate finance as well as the practical advantage of for providing all-round service to the companies, which encompasses corporate commercial and tax structuring of a business whether domestic or through foreign investment, process incorporation via sustainable models which optimize the needs of the business, day to day compliance process for smooth functioning, ensure optimum use and action of corporate finance, as well as strategizing takeovers or winding up at appropriate junctures.

Additional Details

Price - 530

Duration - 14

 

Date And Time


 

Location

 

Venue

Live Online (Zoom)
 

Event Category

On-Demand

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