Am I only affected if I am a US company ?
No. The impacts of FATCA are wider than just US companies. Tunisie Valeurs will be reaching out to many business customers globally to determine their status under FATCA. The aim of this exercise is to identify customers which are reportable under FATCA. We will be communicating with customers who will need to take further action.
What do I need to do as a business customer ?
In order to establish your tax status under FATCA, we may need you to provide additional information or documentation. This documentation could be a Tunisie Valeurs declaration or a US tax form from the IRS. We will be communicating with affected customers that need to complete these forms, detailing when they will need to be completed by.
Does FATCA replace existing US tax rules that I already follow ?
FATCA does not replace the existing US tax regimes, it may however add additional requirements and complexity to the existing US tax rules you may already follow. Should you need further advice on your tax status or FATCA classification, you should contact a professional tax advisor.
Why has my other broker asked for different documentation than Tunisie Valeurs ?
The way in which brokers and financial organisations collect information from their customers in order to confirm their tax status under FATCA may vary. This may mean that in some instances you are asked for different documentation from Tunisie Valeurs than from another broker. Tunisie Valeurs cannot offer advice on your FATCA tax status or classification. If you need further support you should visit the IRS website: External site: Link opens in an overlay or contact a professional tax advisor.
How frequently will I have to provide information for FATCA purposes ?
FATCA is an ongoing process. If your account information changes, we may be required to contact you to obtain additional information or documentation so that we are able to update your account classification under FATCA.
Under what circumstances would Tunisie Valeurs need to report information about my account to the IRS or local tax authority ?
The purpose of FATCA is to prevent US persons (see glossary) from using brokers and other financial organisations to avoid US taxation on their global income and assets. Tunisie Valeurs will therefore report information to the IRS or local tax authority on all accounts held directly or indirectly by US persons. In addition, Tunisie Valeurs may also need to report information about customers who do not provide the required documentation to us.
What information will Tunisie Valeurs report to the IRS or local tax authority ?
The information reported to the IRS or local tax authority will depend on the FATCA classification of the customer. This information will typically be of a personal nature in relation to the substantial US owners of a business (for example, name, address, US taxpayer identification number), and of a financial nature (for example, account number, account balance, amounts paid into the account). We will be communicating with the affected customers in detail on these requirements.