The Foreign Account Tax Compliance Act (FATCA) is an effort by the United States to curb tax evasion and incentivize Foreign Financial Institutions (FFI) to report the overseas assets of U.S. persons.
FATCA Revamp
<b><i>Will Your Company Be Prepared?</b></i><p>FATCA is an effort by the United States to curb tax evasion and incentivize Foreign Financial Institutions (FFI) to report the overseas assets of U.S. persons. The U.S. encourages compliance by imposing a 30% withholding penalty on all U.S. source income and sale proceeds of non-compliant foreign financial institutions.
By
Ashley M. Elmore Drew and Adam J. Knight
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