A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from July 1st 2014, require all financial institutions AROUND THE WORLD to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.
Punishment for those turning in their U.S Passports.
No comments:
Post a Comment