The provisions of Foreign Account Tax Compliance Act (FATCA) were enacted as part of the Hiring Incentives to Restore Employment (HIRE) Act on March 18, 2010 (P.L. 111-147). On February 8, 2012, the U.S. Department of Treasury (Treasury) and Internal Revenue Service (IRS) released long awaited proposed regulations providing much needed guidance on how to comply with FATCA.
Treasury and IRS held a public hearing in Washington, DC on May 15, 2012 to permit those affected by the proposed regulations to express their concerns and to provide Treasury and IRS an opportunity to question the commentators. There were 22 commentators representing many segments of the U.S. and non-U.S. financial services industry as well as commentators representing multinational corporations who presented their concerns with the requirements described in the regulations. Each participant was allotted 10 minutes to summarize their previously submitted written comments. Treasury and IRS did not ask any questions nor make any comments except for comments related to the logistics of the hearing.