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The United States wants to clamp down on US tax evaders hiding their money at financial institutions outside the country. There is legislation with sharp claws to help reach this goal. It is called FATCA and stands for Foreign Account Tax Compliance Act. This law will come into effect by July 2013 and has an extraterritorial effect. At a PwC breakfast meeting in Luxembourg, the discussion turned around the question: FATCA, is it a priority in 2012?
7 million US citizens live outside the United States- and only 10% of them file a US tax return. The Obama administration wants to change things this. With FATCA, it is about collecting tax income from sources that were previously hidden from the IRS, the Internal Revenue System. The loss in revenue is...
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