The Announcement of Foreign Account Tax Compliance Act
The Foreign Account Tax Compliance Act (“FATCA”) is a taxation act of the U.S. government for the purpose of preventing U.S. citizens and tax residents (including dual nationality) from escaping U.S. tax revenue from abroad. It has been implemented since July 1, 2014.
Agricultural Bank of Taiwan has signed up with the IRS to become a FATCA-compliance financial institution, and declares that it complies with the relevant FATCA regulations. From now on, we will fulfill its obligation to identify the client’s FATCA status. If the account is a specific U.S. account, or suspected of being an American but unwilling to provide identity documents, we will file with the IRS a list of U.S. account information as well as the uncooperative accounts.