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Overview

FOREIGN ACCOUNT TAX COMPLIANCE ACT-FATCA

What is FATCA?
FATCA is US legislation aimed at preventing tax evasion by US Persons (which includes companies) using overseas accounts, and improving tax compliance between the US and financial institutions/jurisdictions that have agreed to adopt it. FATCA seeks to establish US Persons tax status.
Why is National Bank of Pakistan complying with FATCA?
State Bank of Pakistan (SBP) ) vide BPRD Circular Letter No. 16 of 2014 dated: April 30, 2014 has advised all Financial Institutions to initiate necessary actions and preparations to comply with Foreign Accounts Tax Compliance Act in order to protect the financial sector from negative implications. Accordingly, the National Bank of Pakistan (NBP) is streamlining itself with the IRS FATCA regulations.
What can you expect because of this regulatory obligation?
NBP can continue to monitor and contact its customers requesting them to confirm their US tax status and provide NBP with duly filled FATCA Form.
FATCA Forms:

Disclaimer: Please note that nothing on this page constitutes tax advice and you are encouraged to seek professional advice before providing us with a completed FATCA Form. NBP will not assume any responsibility if any incorrect information is provided in the submitted form.

 

 


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