The US Treasury today issued updated proposals designed to fight offshore tax evasion.
It said some foreign countries could comply with the Foreign Account Tax Compliance Act (FATCA) regulations by collecting required financial data and forwarding it to US authorities. Under its original proposals, financial institutions, not their governments, were tasked with collecting and reporting the data. Allowing for governments, rather than financial institutions, to report the information takes advantage of long-standing procedures and relationships between financial institutions and their home countries, lowering the compliance burden, the US Treasury said. Julie Patterson...
To continue reading this article...
Join Investment Week for free
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes