US Eases Foreign Tax Evasion Rules Amid Privacy Worries

Law360, New York (February 8, 2012, 6:56 PM EST) -- The U.S. Department of the Treasury said Wednesday that it would relax reporting requirements for foreign banks under sweeping new rules to fight tax evasion by U.S. citizens, hoping to alleviate concerns the measures may violate foreign privacy laws.

The proposed regulations alter the Foreign Account Tax Compliance Act, which requires foreign financial institutions, or FFIs, to report information to the U.S. regarding American accounts with more than $50,000 in assets or face a 30 percent withholding tax. The rules were enacted by Congress in March...
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