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U.S. Signs Historic Agreement With Cayman Islands To Fight Offshore Tax Evasion

Sunday, December 1, 2013 - 10:53 AM
WASHINGTON – The U.S. Department of the Treasury announced that the United States has signed intergovernmental agreements (IGAs) with the Cayman Islands and Costa Rica this week to implement the Foreign Account Tax Compliance Act (FATCA).  FATCA is rapidly becoming the global model for combating offshore tax evasion and promoting transparency.

"Today's announcement marks a milestone in the effort to promote global tax transparency," said Deputy Assistant Secretary for International Tax Affairs Robert B. Stack.  "These agreements underscore growing international cooperation in the effort to end tax evasion everywhere."

http://www.treasury.gov/press-center/press-releases/Pages/jl2226.aspx
6
ShorebreakShorebreak2,607 posts since
Apr 6, 2010
Rep Points: 14,127
1. Monday, December 2, 2013 - 1:00 PM
At the same time they are causing chaos for Americans working abroad, or who have worked abroad in the past and continue to have financial interests elsewhere. The  reporting requirements are onerous and unfair and the penalties for non-compliance on some of the reporting requirements are severe. They treat every American with interests abroad as likely tax evaders.
2
MidAtlanticMidAtlantic22 posts since
Jun 5, 2012
Rep Points: 97
2. Monday, December 2, 2013 - 1:29 PM
"The  reporting requirements are onerous and unfair"

Nothing new here. This is the modus operandi for this Administration. It's almost as if it is a contest to see how much regulation they can drown you in before you give up.
1
loulou543 posts since
Aug 3, 2010
Rep Points: 3,393
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