Foreign Account Tax Compliance Act (“FATCA”) Workshop

The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) organized a Foreign Account Tax Compliance Act (“FATCA”) workshop for the Non-Bank Financial Institutions sector. The workshop was held on the 08, October 2015 at Fairgrounds Holdings and was facilitated by KPMG.

The FATCA, is a U.S. law aimed at foreign financial institutions and other financial intermediaries to prevent tax evasion by U.S citizens and resident through the use of offshore accounts. FATCA may have a far-reaching impact not just on U.S. based companies but also on foreign companies with U.S. assets or clients. 

In an effort to inform the market of the possible implications of the FATCA, NBFIRA invited a selected number of entities to the workshop. The purpose of the workshop was to provide an overview of FATCA to enable the regulated entities to fully understand what it is, how it impacts the Botswana Financial Sector and to understand the different compliance models available under the Act.