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Term of the day

Fatca

On 17 January 2013, the US issued final regulations regarding new anti-tax avoidance measures called the Foreign Account Tax Compliance Act (Fatca).The new rules will force all global financial companies to report details of US account holders with more than $50,000 to the Internal Revenue Service (IRS), the US tax authority.

US tax authorities expect the measures to raise around $7.6bn in revenue for the IRS over a 10-year period.

Foreign firms with US investors as clients will be impacted by the...