Foreign Account Tax Compliance Act in 2010
The world of international taxation becomes more transparent with every passing year. This reflects the desire of global tax authorities to achieve compliance efficiency, prevent the inappropriate avoidance of taxpaying obligations and promote equity among taxpayers. The most recent evolution of this process in the US was enactment of the so-called Foreign Account Tax Compliance Act (FATCA) in 2010 and release of extensive proposed regulations implementing FATCA in February 2012.
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