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Inching Toward Implementation, FATCA Draws International Detractors, Imitators
By Bennett Voyles
printSet to take effect in a little more than a year, a U.S. plan to shine a light on American tax evaders holding accounts abroad is spurring detractors and imitators alike. Since 2010, the Internal Revenue Service has sought to pressure foreign banks and the jurisdictions they operate in to share more data on American clients or pay withholding taxes outlined by the Foreign Account Tax Compliance Act (FATCA). The law, passed as part of a broader jobs bill, is slated to take effect through a number of rolling deadlines beginning in 2014. The pressure has succeeded, ostensibly at least,...
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