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FATCA FAQ

Example of Questions for Foreign Account Tax Compliance Act (FATCA):

  • What is FATCA?

    The US government intends to combat tax evasion in the United States more intensively. As such, the Foreign Account Tax Compliance Act (FATCA) was enacted into law on March 18th, 2010.

  • Who needs to abide by FATCA?

    All foreign countries who have signed the FATCA Intergovernmental Agreements (IGA). Mauritius has already signed the FATCA IGA since 2013.

  • What is the obligation of Mauritius under FATCA IGA?

    All financial institution in Mauritius should collect data of their US customers (resident/citizen) through a self-certification form.

  • What information does Foreign Financial Institution (FFI) need to collect on the self-certification form?

    • Full Name
    • Current residential address
    • If applicable mailing address
    • Date of birth
    • Town/city and country of birth
    • TIN number

If you are an entity then the same information as above will be required for the controlling persons who are identified as US citizen/resident.

  • What is a TIN?

    A Taxpayer Identification Number (TIN) is an identifying number used for tax purposes in the United States it is issued by the Internal Revenue Service (IRS).

  • Who is impacted by FATCA?

    The FATCA has an impact on all US citizens and businesses that are owned by US Citizens. This includes US passport holders, who live abroad and Dual nationals. Also, Green Card holders, people that spend a certain amount of days per year in the US and US Corporations and Partnerships.

  • As a US citizen/resident what is my obligation under the FATCA rule?

    As a US citizen/resident, you need to fill in all the data on the self-certification form, print, sign and upload same on the website.

  • What is the obligation of Global Primex Limited under the FATCA rule?

    Whenever required, Global Primex Limited will be under the obligation to provide a report to the Tax authorities in US.

  • What if I do not fill and sign the self-certification form?

    Global Primex limited being a company license in Mauritius by the Financial services commission, the latter must abide by the FATCA IGA. Hence Global Primex Limited will be in the obligation to stop this relationship.

  • Mauritius has a privacy or secrecy laws that prohibit sharing customer information with the U.S. government.

    Even if Mauritius has a privacy or secrecy laws, under the FATCA rule, FFI are under the obligation to report required information to the Tax authorities in US.

Example of Questions for Common Reporting Standard (CRS):

  • What is Common Reporting Standard (CRS).

    Common Reporting standard (CRS) is similar to Foreign Account Tax Compliance act (FATCA). The same reporting is extended to non-US jurisdictions.

    CRS is derived from a multilateral Competent Authority Agreement (MCAA) which facilitate the automatic exchange of information between countries who have signed this agreement. This whole process is coordinated by the Organisation for Economic Co-operation and Development (OECD).

  • Who needs to abide by CRS?

    All non-US resident/citizen.

  • What is the obligation of Mauritius under CRS?

    All financial institution in Mauritius should collect data of their Non-US customers (resident/citizen) through a self-certification form.

  • What information does Foreign Financial Institution (FFI) need to collect on the self -certification form?

    • Full Name
    • Current residential address
    • If applicable mailing address
    • Date of birth
    • Town/city and country of birth
    • Tax Identification Number (TIN) or Personal Public Service Number (PPSN).

If you are an entity then the same information as above will be required for the controlling persons who are identified as Non-US citizen/resident.

  • What if I don't have TIN or PPSN.

    You will need to provide reason why you don't have TIN or PPSN.

  • What is my obligation under the CRS rule?

    You need to fill in all the data on the self-certification form, print, sign and upload same on the website.

  • What is the obligation of Global Primex Limited under the CRS rule?

    Whenever required, Global Primex Limited will be under the obligation to provide a report to the Tax authorities.

  • What if I do not fill and sign the self-certification form?

    Global Primex limited being a company license in Mauritius by the Financial services commission, the latter must abide by the CRS rule. Hence Global Primex Limited will be in the obligation to stop this relationship.

  • Mauritius has a privacy or secrecy laws that prohibit sharing customer information.

    Even if Mauritius has a privacy or secrecy laws, under the CRS rule, FFI are under the obligation to report required information to the Tax authorities.