US Foreign Account Compliance Tax Act (FATCA)-29/07/10

29 Jul 2010

The IBFed has written to the US Treasury expressing concerns about the potential consequences of the US Foreign Account Compliance Tax Act (FATCA).  Whilst IBFed supports the US authorities’ goal of applying the legitimate tax regulation to the customers of banks, particularly US citizens, the industry is concerned by the onerous costs of complying with the new regime and the risk that it will place banks in conflict with their own domestic regimes.  Detailed implementation guidance is expected from the US IRS.  IBFed will respond to this.

The IBFed statement is available here.

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