Global Tax Topical Focus - FATCA Is Coming

Global Tax Topical Focus - FATCA Is Coming: "The Foreign Account Tax Compliance Act is seen by some as a necessary tool to combat unacceptable tax avoidance by US citizens placing money in foreign bank accounts at a time when more 'patriotic' taxpayers are paying their fair share towards reducing the federal deficit, and by others as an unlawful incursion by the US government into the legal affairs of sovereign states and another nail in the coffin of individual privacy. Like it or not, however, FATCA, as it is more popularly known, is here to stay.

While FATCA may not have occupied the thoughts of the average US taxpayer over the past couple years - indeed, it is only likely to affect a relatively small percentage of the US population - the fact is that this far-reaching piece of legislation will have implications not only for US investors with interests abroad, but also for banks and other foreign financial institutions all over the globe which deal with US clients."

'via Blog this'