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Maurizio Bradlaw From Precy Dumlao, Opalesque Asia:
The Foreign Account Tax Compliance Act of FATCA, the latest U.S. initiative to prevent offshore tax abuses by U.S. persons which is set for full implementation on January 2014, is more than just a challenge but also offers an "opportunity to improve customer data quality and availability," according to Capco Institute’s latest Research & Thoughts report titled, "Impending and Imperative, FATCA Demands Immediate Action."
The U.S. Congress enacted FATCA in2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act. Under the law, U.S. taxpayers holding financial assets outside the country will report those assets to the IRS. In addition, FATCA will require foreign financial institutions to report directly to the IRS certain information about financial accounts held by U.S. taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest, according to the IRS Web site.
Capco said the law will open new dialogue between fund managers and customers and transform compliance into a source of operational improvement.
Capco’s researchers led by Partners, Maurizio Bradlaw, Christine Ciriani, Peter Lewis, and Managing Principal, Cyrill Kiefer cla...................... To view our full article Click here
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