The U.S. Treasury provided details yesterday on how foreignbanks and nations can comply the Foreign Account Tax Compliance Act(FATCA), Reuters reports. FATCA seeks information on U.S. citizens'holdings in overseas banks to limit tax dodging. FATCA, which takeseffect in 2014, mandates that foreign financial institutions informthe U.S. governments of any accounts controlled by U.S. citizensthat contain more than $50,000. That requirement has run up againstother countries' privacy laws as well as account holders'preference for secrecy.
Treasury says it will enter into two types of arrangements withother countries: reciprocal information sharing between taxcollection agencies, or one-way information sharing from thenation's government to the IRS.
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