30 JUNE 2015 IS DEADLINE FOR FILING OF 2014 BENCHMARK SURVEY OF U.S. DIRECT INVESTMENT ABROAD
(This is a mandatory compliance from U.S. Department of Commerce, Bureau of Economic Analysis (BEA) and NOT a tax compliance)
The Benchmark Survey of U.S. Direct Investment Abroad is conducted by U.S. Department of Commerce, Bureau of Economic Analysis to secure current economic data on the operation of U.S. Parent companies and their foreign affiliates. This is a mandatory survey conducted every 5 years. For certain large companies there is annual filing requirement.
REPORTING REQUIREMENTS
If U.S. person had a foreign affiliate, that is, that had direct or indirect ownership or control of at least 10 percent of the voting stock of an incorporated foreign business enterprise, or an equivalent interest in an unincorporated foreign business enterprise, at any time during the U.S. person’s 2014 fiscal year, they need to file BE-10 report. For this purpose, US person includes any individual, branch, partnership, associated group, association, estate, trust, corporation, or other government or nongovernment organization.
There are different complex forms (BE 10A/ BE10B/ BE10C/ BE1D) which need to be filed by different US persons as may be applicable for them based on different criteria to be evaluated separately for each such U. S. Person.
DUE DATE
For 2014, a fully completed BE-10A forms along with the applicable form(s) is due no later than June 30, 2015 (extended due date for many filers)
EXTENSION
Extension request must be filed by the due date.
PENALTIES
Whoever fails to report shall be subject to a civil penalty of not less than $2,500 and not more than $25,000. Whoever willfully fails to report shall be fined upto $10,000. Any officer, director, employee or agent of any corporation who knowingly participates in such violations, upon conviction, may be punished by fine, imprisonment or both.
Please let us know if any of this applies to you/ your business and you want us to assist in the filing of above mandatory compliance. As the due date of 30 June 2015 has now fast approaching, please contact us at the earliest. Again, please be aware that it is a mandatory compliance.
We look forward to hearing from you soon. As always, contact us if you have any questions.
Bhatia & Co., Inc 