The Foreign Account Tax Compliance Act (FATCA) is a United
States federal law that requires US persons, including individuals
who live outside the US, to report their financial accounts held
outside of the US, and requires foreign financial institutions to
report to the Internal Revenue Service (IRS) about their US
clients.
Norway entered into an Intergovernmental Agreement (IGA) with
the US tax authorities (IRS) in 2013. The agreement entails that
financial accounts belonging "US persons" shall be reported to the
US tax authorities (IRS) through Norwegian tax authorities.
Clarksons Platou Project Sales AS has registered with the IRS
whereby Clarksons Platou Project Sales AS has agreed to certain
administrative, documentation, withholding, and reporting
requirements. By registering, Clarksons Platou Project Sales AS
demonstrates FATCA compliance.
Clarksons Platou Project Sales AS' Global Intermediary
Identification Number (GIIN) is EMB4H4.99999.SL.578.
US Persons include United States citizens and persons that are
considered tax resident in the United States in accordance with US
tax laws. Banks, insurance companies, investment firms and fund
management companies are all covered by the regulations.
On 2 May 2014, US tax authorities resolved that the years 2014
and 2015 will be regarded as an introductory period to enforce and
monitor FATCA. This entails that financial institutions may
postpone identifying and reviewing financial accounts covered by
the FATCA rules until the new deadline set to 30 June 2016.
Clarksons Platou Project Sales AS is already in the process of
identifying all existing FATCA clients, and has also changed the
client registration process as required under FATCA to help
identifying US persons. When FATCA is in full effect, Clarksons
Platou Project Sales AS will be fully compliant with the FATCA
rules.
More information on FATCA can be found here:
FATCA agreement Norway
International Reporting FATCA (Norwegian
only)