FATCA is Not Just for Financial Institutions. It Affects U.S. Individuals, Including Settlors and Beneficiaries of Foreign Trusts, and Multinational Corporations Too
Most of the focus for FATCA has been on how financial institutions will cope, but multinational corporations and individuals, including those involved with foreign trusts and foreign entities also will have to comply because any U.S. source payment to a non-U.S. entity could be subject to the 30% withholding tax.
MNCs will have to reengineer their accounts payable systems so that they can:
U.S. individuals will have to review their foreign activities,
including those who maintain bank accounts, trusts and other
entities outside the United States.