These provisions, known as the FATCA provisions of the HIRE Act, require thirty percent withholding of the entity’s U.S.-source income, unless they disclose specific information regarding their CUSTOMER’S IDENTITIES and ACCOUNT AMOUNTS. While this may be an effective way to force foreign institutions into compliance, it also raises questions about how it will function within existing tax reporting systems, where the function of withholding serves a materially different purpose. Legislative intent of FATCA is to ensure there is no gap in the ability of the U.S. government to determine the ownership of U.S. assets in foreign accounts. Read more at investmentwatchblog/its-here-crackdown-on-off-shore-tax-evasion-anonymous-off-shore-accounts-and-beginning-of-world-tax/#sHhRzegoYAzCdllR.99
Posted on: Sat, 16 Nov 2013 01:45:24 +0000
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