THE USA is expected to wrap up its agreements with
many EU countries by this month-end to target American tax evasion. Early
this year the US Treasury had announced that it would work with France,
Italy, Spain, the UK and Germany, to roll out its foreign account tax compliance
act, an anti-tax evasion law.
FACTA
is designed to enable IRS to gather bank information about Americans' accounts
with more than USD 50,000 in assets in foreign banks. The new law is scheduled
to take off in 2013, and puts onus on banks to gather information and directly
disclose to IRS.
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