Announcement 2012-42: Timelines for Due Diligence and Other Requirements Under FATCA

On October 24, 2012, the Internal Revenue Service (IRS) and the US Department of Treasury (Treasury) issued “Announcement 2012-42: Timelines for Due Diligence and Other Requirements under FATCA” (the Announcement). FATCA generally requires a 30% withholding tax be imposed on (i) foreign...

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