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IRS to Release FATCA Final Rules by Friday: Sources
By Colby Adams
printThe U.S. Treasury Department will publish final rules this week on an anti-tax evasion law intended to compel foreign banks to disclose data on their high-value American clients, say sources. The rules will expand on requirements under the Foreign Account Tax Compliance Act (FATCA), a controversial measure that, once in effect, will impose a 30 percent withholding tax on U.S. payments for foreign financial institutions that refuse to reveal their American customers with accounts worth $50,000 or more. The regulations will outline too what banks exempted from some reporting under IRS model agreements will be expected to do to comply...
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