FATCA Notice

Notice
19th September 2014

Foreign Account Tax Compliance Act (FATCA)
Update September 2014 : FP Marine Risks Forms Available : W-8IMY, W-8BEN-E

FP Marine Risks is fully committed to complying with the Foreign Account Tax Compliance Act (FATCA) which took effect on 1st July 2014 and we are making all necessary preparations with regards to this.

The Internal Revenue Service (IRS) issued a notice on May 5th 2014 (Notice 2014 33), to advise the application of the 30% withholding tax for non-compliant premiums falling within the scope of the Act, could be deferred until January 1st, 2015 on the proviso that good faith efforts are made to comply with the FATCA requirements.

All parties involved in servicing US clients will need to ensure the new regulatory requirements are properly understood and adopted.

Our completed W-8IMY and W-8BEN-E forms are provided here.

Please note that in view of the IRS notice and FP Marine’s commitment to complying with FATCA, the requirements should not impede any negotiations or interfere with any payments between us at the current time, as to do so may present unwarranted and unnecessary delays

If you have any questions or require any further information then please do not hesitate to get in contact with us via fatca@fp-marine.com but we would recommend you consult with your own taxation specialists should you have any further queries regarding this.

 

26th June 2014

Foreign Account Tax Compliant Act (FATCA) 2014

On the 18th and 20th June 2014, the guidelines for completion of various FATCA forms were published by the Internal Revenue Service (IRS). As a result, we are reviewing these guidelines and will provide a more detailed response shortly.

The implementation date for the FATCA remains July 1st 2014. We are fully committed to complying with the regulatory requirements and in anticipation of this, are making all the necessary preparations.

Any further FATCA updates, including the publication of relevant forms will be displayed on this news page as they are released.

In the meantime, if you have any queries regarding FATCA please email: fatca@fp-marine.com.

 

24th June 2014

Foreign Account Tax Compliance Act (FATCA)

FP Marine Risks is making all of the necessary preparations to comply with the pending Foreign Account Tax Compliance Act (FATCA) taking effect on 1st July 2014.

We are fully committed to complying with the regulatory requirements and in order to do so, we are assessing our own FATCA classification status and documentation.  We are currently receiving advice from relevant international bodies in the USA and London.  All parties involved in servicing US clients will need to ensure the new regulatory requirements are properly understood and adopted.

To this effect, whilst various FATCA forms have been released by the IRS, some of the guidelines on how these should be completed remain outstanding.  FP Marine Risks believes that there needs to be a consistent approach and is therefore awaiting further advice from market bodies before completing any FATCA related form(s).  Once advice is received, we will complete the necessary documentation before promptly sending to you.

FP Marine Risks continues to proactively operate and abide within the changing global regulatory environment.

Should you have any queries regarding the FATCA, please email: fatca@fp-marine.com.

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