Press release FATCA seminar
A half-day seminar on FATCA was organised by Lex Communications Ltd and sponsored by Juristconsult Chambers on 13 August 2015 at Domaine Les Pailles. The training delivered practical insights on FATCA compliance and addressing frequently asked questions from stakeholders. Professionals from the financial services sector attended the seminar, including management companies, banks, brokers, dealers and fund managers. The seminar was delivered ahead of the deadline for the first FATCA reporting of 31 August 2015.
Mr Marc Hein, Head of Practice at Juristconsult Chambers, kicked off the seminar by quoting Robert W. Wood: “Never heard of FATCA? You will. FATCA – the Foreign Account Tax Compliance Act – is America’s global tax law. It was quietly enacted in 2010, and after a four-year ramp up, it’s finally in effect. What is most amazing is not its impact on Americans – although that is considerable – but its impact on the world. Yes, the whole world.”
The panel of speakers consisted of Mrs. Yamini Rangasamy, Section Head of International Taxation at the Mauritius Revenue Authority, Ms. Megan Couzyn, Manager at EY South Africa and Mrs Johanne Hague, Head of Tax practice at Juristconsult Chambers. The speakers covered a wide range of FATCA related issues including the practicalities of FATCA registration, lessons learnt thus far on the challenges of FATCA and the relevance of FATCA to management companies.
The FAQ session was particularly interesting. Concerns regarding IT requirements, entity classification, reporting deadlines, due diligence requirements and exemptions were addressed.
As indicated by Mrs Rangasamy, the focus going forward will be complying with OECD’s multilateral exchange of information and the Common Reporting Standard. Juristconsult Chambers, the only law firm in Mauritius having an international tax specialist, will be organising further training tax seminars early next year to focus on this next stage of reporting.