Abstract
This chapter covers the objective of the Foreign Account Tax Compliance Act (FATCA), and focuses on FATCA reporting: (i) by US taxpayers about certain foreign financial accounts and offshore assets, (ii) by foreign financial institutions about financial accounts held by US taxpayers or foreign entities in which US taxpayers hold a substantial ownership interest. Intergovernmental agreements, documentation and due diligence, and reporting and withholding are also covered.
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