FATCA (Foreign Account Tax Compliance Act) is a US law whose objective is to fight against tax evasion schemes that use foreign accounts or entities held by US taxpayers.
Non-American financial intermediaries are now required to identify US taxpayers in their client data bases in order to report to the American tax authorities the income of direct or indirect beneficiaries who are US taxpayers concerned by the legislation, thereby allowing an automated cross check with their individual tax returns. The refusal (by non-American financial intermediaries or by clients) to respect these obligations could be penalized by the application of a punitive withholding tax of 30% on certain payments.
Societe Generale’s, including Societe Generale International Limited, objective is to better serve its individual and institutional clients and to help them in their own compliance efforts in order to access our entire range of products and services without suffering FATCA withholding tax.
Click here for more information on how Societe Generale Group complies with FATCA obligations