FATCA – the US Foreign Account Tax Compliance Act - was enacted in 2010 with the purpose of obtaining information on foreign financial accounts held by US citizens and residents for purpose of tax evasion.
In June 2014, Israel executed an agreement with the US Government for implementing the provisions of FATCA, allowing Israeli financial institutions to transfer information to the US tax authorities through the Israel Tax Authority.
ZAG-S&W’s Tax, Anti-money Laundering and Regulation department provides ongoing advice to companies and individuals regarding FATCA implementation, including adopting procedures to ensure the identification of the account, FATCA classification, and reports to the tax authorities in Israel and the US.
Clients of the firm benefit from the close cooperation between the department in Israel and its US counterparts.
