IRS and US Treasury Release Proposed Regulations under FATCA - Important Steps Required By Fund Managers

IRS and US Treasury Release Proposed Regulations under FATCA - Important Steps Required By Fund Managers

On February 8, 2012, the IRS and US Treasury released proposed regulations under the Foreign Account Tax Compliance Act (FATCA), which was enacted for the purpose of combating offshore tax evasion. To achieve this goal, beginning January 1, 2014, FATCA imposes a 30% withholding tax (FATCA...

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