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FATCA Gets Less Painful

Proposed regulations ease the burden of compliance.

By Susan Kelly | Updated on February 13, 2012
Ernst & Young's Barbara Angus

Proposed regulations to implement the Foreign Account Tax Compliance Act (FATCA) released last week seem somewhat less onerous than expected for U.S. corporations that make payments overseas. The proposed regs also include measures that alleviate foreign financial institutions’ concerns about the cost of complying and possible conflicts between FATCA and local laws.

As part of the government’s effort to curb tax evasion, FATCA requires the disclosure of information about overseas bank accounts of U.S. taxpayers. The enforcement mechanism is a 30% tax that must be withheld when paying foreign entities that are not in compliance with FATCA.

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