The FACTA legislation had many American citizens and financial institutions alike, concerned that the reporting responsibilities were just not workable.
The US, responding from considerable pressure from financial institutions , has unveiled a less onerous version of it’s controversial new law aimed at cracking down on offshore tax evasion.
The Foreign Account Tax Compliance Act is due to take effect on 1 Jan 2013. Foreign banks, trust administrators, asset managers and others have been keenly awaiting this last set of draft regulations, which had been expected before the end of December. The final FATCA implementation rules are due sometime this summer.
To understand more about FACTA and how the regulations will impact on you, please contact us today,