U.S. Seeks to Ease Offshore Bank Compliance Rules
Category: Offshore Banking, Uncategorized
February 09, 2012, 6:53 AM EST
By Steven Sloan
Feb. 8 (Bloomberg) -- The U.S. Treasury Department and Internal Revenue Service are providing additional guidance to offshore banks on how to comply with a tax withholding requirement for some of their U.S. clients.
The proposed regulations will reduce the burdens on overseas banks by allowing them to use information they already collect to comply with due diligence requirements, the Treasury said in a press release today. The proposal will also adjust the withholding requirement’s implementation schedule and expand the range of financial institutions that won’t have to enter into formal agreements with the U.S. Internal Revenue Service
The Foreign Account Tax Compliance Act, or FATCA, implements a 2010 law that Congress passed to discourage offshore tax evasion. It requires overseas banks to make withholdings from U.S. clients who fail to disclose enough identifying information to the IRS.
--Editors: Jodi Schneider, Steven Komarow
To contact the reporter on this story: Steven Sloan in Washington at ssloan7@bloomberg.net
To contact the editor responsible for this story: Jodi Schneider at jschneider50@bloomberg.net
The rest is here:
U.S. Seeks to Ease Offshore Bank Compliance Rules
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