FATCA BOXOUT
November 1st, 2012
BY ALAN OSBORN
A new model international tax agreement designed to improve cross-border tax compliance and boost transparency was agreed in July by the US and the so-called EUG5 countries - the UK, France, Germany, Italy and Spain. The model will allow implementation of the American Foreign Account Tax Compliance Act (FACTA) through automatic exchange of data between governments, reduce compliance costs for financial institutions and provide for reciprocity. FATCA was enacted by the US Congress in 2010 to stop American taxpayers evading US taxes by holding ...
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