What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) was enacted in 2010 to improve transparency and address non-compliance by U.S. taxpayers. This Act affects U.S. individual taxpayers with certain foreign financial accounts and offshore assets as well as foreign financial institutions with accounts held by U.S. taxpayers or U.S. financial institutions with payments to foreign entities. Under this ACT, to avoid having certain US-source payments from being withheld, foreign financial institutions (FFIs) may register with and agree to report to the U.S. Internal Revenue Service (IRS) certain information about U.S. taxpayers’ accounts. For more information on FATCA, please visit the FATCA Home Page
What does FATCA have to do with SSL certificates?
Financial Institutions (FI) and Host Country Tax Authorities (HCTA) can transmit and exchange FATCA data securely with IRS via a secure web application, International Data Exchange Service
(IDES). IDES is supported by all major browsers, including Chrome, Internet Explorer, Safari and Firefox.
Before starting the IDES enrollment process, each entity must obtain a valid digital certificate issued by an approved Certificate Authority (CA). This certificate and the related private key will be used to sign and decrypt messages between the sending party and IRS.
Purchase Symantec Secure Site SSL Certificate
, an approved digital certificate for securing FATCA data. Symantec is the preferred CA for 94% of the 100 largest financial institutions worldwide1
Please be prepared to provide the following items to expedite the authentication or verification process for your digital certificate:
- Your organization’s name and address
- The fully qualified domain name (FQDN) of the system you will be using to perform FATCA reporting (example: www.mydomain.com, or www.tax-reporting.mydomain.com)
- Credit card
1Source: Based on Forbes Global 200 list published in 2013 and internal customer analysis conducted in July 2013.