Fatca Proposed Regulations Published

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The US Internal Revenue Service (IRS) has published proposed regulations for the Foreign Account Tax Compliance Act (Fatca), which is intended to combat tax evasion by US citizens with offshore accounts, and which involves significant data management challenges for financial institutions around the world.

While writing the proposed regulations, the Treasury Department and the IRS say they have taken into consideration comments made by industry participants in response to previous guidance notice

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