An article in the Sunday edition of the Washington Post details the continued erosion of Switzerland's banking secrecy laws. As many of Europe's economies continue to experience stagnant economic conditions, many countries have taken aim at Switzerland's vaults in the...
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International Tax Law
IRS Provides Guidance to Foreign Financial Institutions on FATCA Timelines
The US Treasury Department (Treasury Department) and the Internal Revenue Service (IRS) issued Announcement 2012-42 providing guidance on various timelines for withholding agents and foreign financial institutions (FFIs) to complete due diligence required under the...
Chinese Renounce U.S. Citizenship Citing the Sophisticated Systems the U.S Utilizes to Fight Tax Evasion
The South China Morning Post is reporting that many former Chinese Nationals are thinking about renouncing their US citizenship. Such actions would have been almost unimaginable a decade ago, when getting a US passport was the ultimate Chinese status symbol.The reason...
FATCA News – United Kingdom is First to Sign with the Treasury Department
This week the Treasury Department and the United Kingdom signed a bilateral agreement to implement the information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act (FATCA). The model agreement was developed in July 2011 with input...
