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HIRE Act and Potential Impact on FSBs in Jersey
Jersey Finance
Tuesday 28th September , 15:00-16:00
The Hiring Incentives to Restore Employment (HIRE) Act
HIRE (the Hiring Incentives to Restore Employment Act of 2010) was enacted into law by President Obama in March this year. A number of incentives are contained within the Act for boosting employment, such as payroll tax relief and business credits for "hiring and retaining unemployed workers".
The funding for such incentives is intended to come from the "Foreign Account Tax Compliance" provisions that are set out within Title V of the Act titled "Offset Provisions".
The Offset Provisions will introduce reporting requirements for foreign financial institutions in relation to US account holders or to be subject to a 30 per cent withholding tax on various forms of transactions. Similar provisions apply to individuals. Starting from 1 January 2013, the US government will impose harsh penalties (officially “withholding taxes" at 30 per cent) on any institution that does not comply with the reporting requirements.
In this presentation, Stephen Platt, Group Chairman, BAKERPLATT, examined the effects of the various Offset Provisions and what it will mean for Offshore Finance Centres.
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