In the interest of keeping you informed of developments in the international tax area, please note that the US Department of Commerce Bureau of Economic Analysis (“BEA”) is conducting a survey which is requiring every US Person (that has previously not filed) to file Form BE-10 to report certain offshore investments during the 2014 fiscal year. Specifically, the BEA is attempting to obtain data on the operations of certain US persons (defined broadly to include individuals and entities) and their foreign affiliate(s). Information required to be provided may include, but not necessarily limited to, business activities, financial data, employment data, supply chain information and details regarding related party cross-border transactions.
The Form BE-10 is required to be filed no later than June 30, 2015 (in some instances, the due date was May 29, 2015 but was extended to June 30, 2015). Previously, Form BE-10 was only required to be filed by a US person upon request of the BEA. However, it is required to be filed by all applicable US Persons starting in the 2014 fiscal year. An extension can be obtained until no later than August 31, 2015 by calling the BEA.
See below for general information from the Form BE-10 Instructions as to the applicability of this Form BE-10. Further, please refer to the two links below which provide the Form BE-10 Instructions and a link to the BEA’s homepage with respect to this form (e.g., there are links to webinars and video tutorials (such as this YouTube Video) explaining the BEA’s purpose of requesting such information).
Immediate action should be taken should you have an interest in offshore investments to determine the applicability of this survey by the
BEA. Failure to file such Form BE-10 may result in a civil penalty (monetary and/or imprisonment).