Capco: Facing FATCA
Many are aware that FATCA is perhaps the broadest and most complicated international tax code ever written, designed literally to “span the globe.” FATCA requires all foreign financial institutions to report to the IRS information on U.S. held accounts, including those with material U.S. ownership interests. Those in violation of FATCA are subject to a 30% withholding penalty tagged to each party. Starting 2015, institutions that do not accurately deduct and remit FATCA withholding will be
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