Wednesday, April 17, 2013

Obama Budget Would Bring Parody To FATCA Information Exchange

The Obama fiscal year 2014 budget contains language that would require the United States to collect and exchange the same kinds of information under the Foreign Account Tax Compliance Act (FATCA) that the United States is seeking from other countries.

The Obama administration may soon ask Congress for the power to require more disclosure by U.S. banks of information about foreign clients' accounts to those clients' home governments, as part of a crackdown on tax evasion.

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