Four myths about FATCA

FATCA

James Jatras, principal of Squire Sanders Public Advocacy, a Washington-based government relations firm, explodes four common myths about US tax regime FATCA.

For two years, much of the global financial community has been in an uproar about a pending US law that has barely been noticed in the United States. That may soon change as the unacceptable costs of the Foreign Account Tax Compliance Act (FATCA) become fully apparent. Enacted in 2010 as a supposed revenue-raiser pasted into an unrelated bill with almost no debate, FATCA requires every foreign financial institution (FFI) in the world to collect data on American-owned assets it holds and report them directly to the IRS. Any FFI failing to comply will have 30% of its American-derived in...