Chewing the FATCA

In February, the US tax authorities published long-awaited proposed regulations providing guidance on the various provisions under the Foreign Account Tax Compliance Act (FATCA), which was enacted as part of the Hiring Incentives to Restore Employment Act of 2010. Consisting of almost 400 pages, the proposed rules give an insight into what the U.S. Department of the Treasury and Internal Revenue Service (IRS) are going to publish by the end of 2012 in the form of final regulations. It is clear FATCA will significantly affect business practices, policies and procedures for many. Fro...