Foreign Account Tax Compliance Act

Kenneth A Camilleri | Published on 08 May 2014


FATCA is a US tax legislation that was enacted in March 2010 with the prime objective to impede the non-tax compliance by US taxpayers holding foreign bank accounts and/ or substantial interests in foreign entities. The foreign account tax compliance regulations aim to ensure full reporting of foreign financial assets held by US taxpayers.

To date, the US has signed IGAs with 26 jurisdictions and has reached agreements in substance or is in the advanced discussions with many others in order to achieve effective cross-border tax information reporting. Such an objective is also aligned with the European Commission’s policy to combat tax evasion.

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