FATCA and Philippines

[Eldorado]

Hello,

One of co-owners of US LLC is Filipino national living there all the time.
Now the question is if Philippines BIR are accepting and proceeding FATCA reports over their own citizens?

One accountant said "no issue or problem". Any other practical knowledge or experience over this field?

 

[backpacker]

Hello,

One of co-owners of US LLC is Filipino national living there all the time.
Now the question is if Philippines BIR are accepting and proceeding FATCA reports over their own citizens?

One accountant said "no issue or problem". Any other practical knowledge or experience over this field?

Ask yourself: Why would there be a FATCA report? Who would file that? Why should BIR have anything to do with it?
FATCA applies to US persons (-> definition according to tax code).
Understand FATCA and the reasoning behind it -> Foreign Account Tax Compliance Act (FATCA) | Internal Revenue Service

However, bear in mind that this Filipino citizen is fully liable for Philippine income taxes! The Philippines does not have a territorial tax system when it comes to its own resident citizens.
That said, your example is much more a question of him being compliant in the Philippines.

 

[Eldorado]

Ask yourself: Why would there be a FATCA report? Who would file that? Why should BIR have anything to do with it?
FATCA applies to US persons (-> definition according to tax code).
Understand FATCA and the reasoning behind it -> Foreign Account Tax Compliance Act (FATCA) | Internal Revenue Service

However, bear in mind that this Filipino citizen is fully liable for Philippine income taxes! The Philippines does not have a territorial tax system when it comes to its own resident citizens.
That said, your example is much more a question of him being compliant in the Philippines.

As far as I've read it works reciprocally - US reports the other countries data about US based companies owned by foreign nationals. If no - end of the topic

Taxing Filipino citizen of their abroad income is not a part of this question, but thx anyway

 

[backpacker]

As far as I've read it works reciprocally - US reports the other countries data about US based companies owned by foreign nationals. If no - end of the topic

Taxing Filipino citizen of their abroad income is not a part of this question, but thx anyway

No, it does not. However, there is nothing that hinders them to send a set of data to the Philippines.
Note: All of this has nothing to do with FATCA. If you look for an official framework, the closest you get is CAA (Competent Authority Agreement) + DTT.