Common use of FACTA Clause in Contracts

FACTA. The United States Foreign Account Tax Compliance Act (FACTA) was enacted to improve compliance with US tax law. Under subsequent intergovernmental agreement between the US and New Zealand financial institutions are required to collect certain information on US persons including their social security number. GPP Markets then forwards this information to the IRD on an annual basis and the IRD then forwards this information to the IRS in the United States.

FACTA. The United States Foreign Account Tax Compliance Act (FACTA) was enacted to improve compliance with US tax law. Under subsequent intergovernmental agreement between the US and New Zealand financial institutions are required to collect certain information on US persons including their social security number. GPP Markets ICX Capital then forwards this information to the IRD on an annual basis and the IRD then forwards this information to the IRS in the United States.

FACTA. The United States Foreign Account Tax Compliance Act (FACTA) was enacted to improve compliance with US tax law. Under subsequent intergovernmental agreement between the US and New Zealand Seychelles financial institutions are required to collect certain information on US persons including their social security number. GPP Markets ROCKFORT then forwards this information to the IRD on an annual basis and the IRD then forwards this information to the IRS in the United States.