FACTA (Vectigal Corporation)

What Are Tax Reclaims

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Contact Us today for your "Quick FATCA Refund Payments".

Financial Intermediaries

FATCA obligations start between 2014 and 2017:

July 1, 2014, start of withholding tax on U.S. source FDAP payments made to Non-Participating Foreign Financial Institutions (NPFFIs) and to recalcitrant customers.

January 1, 2017, start of withholding tax on gross proceeds from the sale or disposition of U.S. source property type that produces interest or dividend and on foreign passthrough, and to recalcitrant customers.

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Tax Reclaim Use Base Model

Foreign Finacial Institutions (FFIs) incuding but not limited to:

Depository institutions (i.e. banks)
Custodial institutions (i.e. mutual funds)
Investments entities (i.e. hedge funds or private equity funds)
Certain types of insurance companies that have cash value products or annuities

Unless otherwise exempt, FFIs that do not both register and agree to report to the IRS face 30% withholding tax on certain U.S. source payments made to them.

Vectigal Corporation will provide "Quick FATCA Refund Payments" to FFIs on Trade Date + 1 (T+1) in all jurisdictional tax markets.

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U.S. withholding agents and Participating Foreign Financial Institutions (PFFIs) must deduct and withhold at a 30% rate on:

Any withholdable payments made to non-participating FFIs and to non-Financial Foreign Entities (NFFEs) per the FACTA requirements.
Withholdable payments of U.S. source FDAP income made to participating FFIs acting as intermediaries (other than withholding qualified intermediaries), or flow-through entities (other than withholding partnerships or withholding foreign trusts), except to the extent that the participating FFIs provide withholding agents with valid documentation establishing the portion of the payments allocatable to a class of payees for which no withholding is required per the U.S. IRS Chapter 3 and Chapter 4 codes.

Foreign Financial Institutions

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Disclaimer: Vectigal is not a tax advisory company; therefore this literature should not be construed as offering tax advice. All persons should consult with their tax and legal advisors with respect to tax issues. Furthermore, this literature should not be taken as an offer to buy or sell any securities.

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FATCA Obligations

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The Foreign Account Tax Compliance Act (FACTA) was enacted by the U.S. IRS to detect or prevent tax evasion by U.S. persons holding investment offshore accounts through Foreign Financial Institutions (FFIs) and through offshore investment vehicles. FATCA was enacted into law on March 18, 2010, as part of the HIRE Act. Under FATCA, Foreign Finaicial Institutions (FFIs) may register with the IRS and agree to report to the IRS certain information about their U.S. accounts, including accounts of certain foreign entittes with substantial U.S. owners. FFIs that enter into an agreeemnt with the IRS to report on their account holders may be required to withhold 30% on certain payments to foreign payees, if such payees do not comply with FATCA.

Withholding Agent Obligations

Vectigal provides "Quick FATCA Refund Payments" on "Trade Date + 1" (T+1) to Foreign Financial Institutions (FFIs) and to Non-Financial Foreign Entities (NFFEs) on U.S. source withholdable payments.

"Withholdable payments" are:

U.S. source Fixed, Determinable, Annual or Periodic (FDAP) income (i.e. interest, dividends, rents, salaries, wages, premimums, annuities, compensations, etc.)

Gross proceeds from the sale or disposition of U.S. source property type that produces interest or dividends

Quick FATCA Refund Payment is available in all jurisdictional tax markets per the U.S. IRS Chapter 3 and Chapter 4 codes. Vectigal will provide FATCA refunds to FFIs on their pooled omnibus accounts. Vectigal accepts foreign financial institutions' pooled omnibus accounts as custody book of record for the purpose of providing FATCA refund.