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– US Treasury Dept.The United States Department of Treasury has issued a notice for foreign financial institutions (FFIs) to comply with information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA),Wholesale Jerseys China, and as such the country is taking steps to curtail offshore tax evasion in the Caribbean and other places.The department said the FATCA is ârapidly becoming the global standard in the effort to curb offshore tax evasion.âAccording to the Treasury Department,Wholesale NFL Jerseys China, to date it has reached 16 agreements âin substance and is engaged in related conversations with many more jurisdictions.âThe notice, which is the next step in implementation, previews proposed guidance and provides a draft agreement for participating FFIs directly engaging in agreements with the IRS and those reporting through a Model 2 intergovernmental agreement,Wholesale Cheap Jerseys,â the statement said.âIt provides FFIs with advance notice prior to the beginning of FATCA withholding and account due diligence requirements on July 1,Nike Huarache Shoes For Sale, 2014,â it added, stating that the FFI agreement will be finalized by yearâs end.Robert B. Stack,Cheap Jerseys Authentic, the US Deputy Assistant Secretary for International Tax Affairs, said the Agreement and forthcoming guidance have been designed to âminimize administrative burdens and related costs for foreign financial institutions and withholding agents.âHe said the latest preview âdemonstrates the Administrationâs commitment to ensuring full global cooperation and a smooth implementation.âIn 2010,Cheap Jerseys Supply, the US Congress enacted FATCA as âa way to identify US citizens using foreign accounts to evade their US tax responsibilities.âFATCA requires US financial institutions to withhold a portion of payments made to FFIs that do not agree to identify and report information on US account holders.The US Treasury Department said it has taken a global approach to the exchange of tax information in its implementation of FATCA. |
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