The FATCA report – operational since 1st July 2014, under the FATCA intergovernmental Agreement – has the purpose of fighting tax evasion committed by American citizens and residents via their bank accounts held in an Italian financial institutions and by Italian residents via their bank accounts held in American financial institutions, by means of automatic exchange of financial information according to the principle of reciprocity, which implies that the Italian Revenue Agency is to collect data in favor to the American IRS (Internal Revenue Service) and viceversa. Therefore the Italian financial institutions are bound to transmitting data regarding their American customers to the Italian Revenue Agency.
The FATCA report can be prepared thanks to STAGE AT software. SEFIN, in its capacity of access point of the SID network (owned by the Italian Revenue Agency), can transmit the file to the Revenue Agency.
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