Chile, Finland Sign FATCA Agreements, Luxembourg Next
Law360, New York (March 7, 2014, 2:17 PM EST) -- The U.S. has signed agreements with Finland and Chile — and is near a deal with Luxembourg — under an information-sharing law designed to combat offshore tax evasion, a U.S. Department of the Treasury official told Law360 on Friday.
Under the Foreign Account Tax Compliance Act, or FATCA, foreign banks must report the holdings of U.S. citizens or see some of their payments from U.S. banks withheld and their ability to deal in U.S. dollars limited.
Instead, many countries opt to enter into agreements with the Treasury Department that reduce the banks’ reporting requirements while transferring some enforcement responsibilities to the...
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