Draft legislation to repeal the Foreign Account Tax Compliance Act (FATCA) is unlikely to spare foreign financial institutions from the task of complying with the law aimed at minimising tax evasion by US taxpayers.
An important deadline is imminent for foreign financial institutions (FFIs) that want to ensure they become compliant as early as possible with the Foreign Account Tax Compliance Act (FATCA) in the US.
Business will be part of a new structure the European Commission has set up to facilitate dialogue and the exchange of expertise between those interested in combating tax evasion.
President Obama's 2014 budget request last week reintroduced proposals from previous budgets relating to the electronic filing of tax returns and penalties for not doing so.
Foreign financial institutions (FFIs) now have a good indication of the information they will need to register for compliant status, under America’s Foreign Account Tax Compliance Act (FATCA), and the detail the Internal Revenue Service’s monthly list of compliant FFIs could include.
