iCreate: FATCA Compliance - Imagining an 'Intelligent' Solution System

It has been estimated that the U.S. Treasury loses as much as US$100 bn annually to offshore tax non-compliance. To curb this trend, the US Internal Revenue Service (IRS), commissioned FATCA (Foreign Accounts Tax Compliance Act), as part of the HIRE Act, in 2010. FATCA requires all Foreign Financial Institutions (FFIs) to enter into an agreement with the IRS to identify and report accounts held by US nationals and organisations, and to withhold taxes from certain payments to recalcitrant

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