Ipes and KPMG set to expand Fatca offering

Tax calculatorIpes, a third-party fund administrator, and KPMG, a business services provider, are set to extend their collaboration over services for firms affected by governments clamping down on tax avoidance. Activities will extend to client due diligence, investor relations and possibly some tax information reporting, the firms say, as the principals of the Foreign Account Tax Compliance Act (Fatca) in the US extend to OECD countries through the Common Reporting Standard. Fatca applies to non-US financial institutions that might have US customers. It requires investment managers to assess the tax status of their investors. Ipes and KPMG collaborated on a Fatca offering last year, with KPMG verifying Ipes clients in relation to Fatca entity classifications. As the Fatca principals expand globally, the services are expected to grow, says Ipes. The firms are combining Ipes’ administration service and technology with KPMG’s expertise in tax and assurance services. Previously, KPMG worked with Ipes to develop Ipes’ alternative investment fund depositary service. May and June will see 2016’s first Fatca reporting deadline for US and UK investors. ©2016 funds europe

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