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IRS Proposal Would Ease FATCA Burden for Five European Nations
By Brian Monroe
printRules intended to collect data on offshore American assets will be most greatly softened for financial institutions in five European nations, the U.S. Treasury Department proposed Wednesday. Under planned changes to the Foreign Account Tax Compliance Act (FATCA), banks in France, Germany, Italy, Spain and the United Kingdom would be able to comply with the 2010 law by sending data on their American clients to their governments rather than to the IRS. The United States would reciprocate data sharing with the nations, the Treasury Department said in a statement. Much of the data the United States seeks from the five...
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