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Tag Archives: US Foreign Account Tax Compliance Act

The new American tax dictate FATCA comes into force

Posted by aurelius77 on July 1, 2014

Americans avoiding US taxes and stashing cash abroad are in trouble from July 1, when a new law forces institutions hiding money to report on their clients. The law will make business with Americans harder, but the US hopes it will raise billions.

The US Foreign Account Tax Compliance Act, or FATCA, comes into force on July 1 and requires foreign banks to hand over data on clients to the US International Revenue Service (IRS). If a bank does not report such information, it could be subject to a 30 percent withholding tax.

FATCA legislation, signed into law in 2010, requires overseas financial institutions to identify their American customers to the IRS. The law applies to any account with more than $50,000. Continue reading →

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Comments Off on The new American tax dictate FATCA comes into force Posted in Business & Economics, Politics, USA Tagged American Citizens Abroad, Americans, Business & Economics, Credit Suisse, expats, FACTA, financial regulators, foreign banks, International Revenue Service, IRS, Mary Louise Serrato, offshore holdings, politics, Switzerland, tax dollars, tax evasion, The new American tax dictate FATCA comes into force, Tina Turner, UBS, United States, US Foreign Account Tax Compliance Act, US taxes, US Treasury Department

Game changer: Swiss banks ditch secrecy

Posted by aurelius77 on October 17, 2013

Switzerland, the world’s largest offshore wealth center, worth an estimated $2.2 trillion in assets, has signed an agreement to share financial information with nearly 60 other countries, which could completely change the country’s financial landscape.

The country has made a giant leap towards banking transparency after it signed a convention with the Organization for Economic Cooperation and Development (OECD) agreeing to exchange data with 60 member countries. Continue reading →

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Comments Off on Game changer: Swiss banks ditch secrecy Posted in Business & Economics, Europe, Politics, Switzerland Tagged Alpine tax haven, bank secrecy, banking & finance, banking transparency, bilateral tax collection agreements, Business & Economics, client information swap, convention, Credit Suisse Group AG, financial information, France, G20, Game changer: Swiss banks ditch secrecy, international tax, international tax rules, Julius Baer, Multilateral Convention on Mutual Administrative Assistance on Tax Matters, OECD, offshore wealth, Organization for Economic Cooperation and Development, politics, Stefan Fluckiger, Swiss government, Swiss parliament, Switzerland, tax collection, tax fraud, Taxes, UBS AG, United Kingdom, US Foreign Account Tax Compliance Act, wiss Federal Council

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