Foreign Account Tax Compliance Act
For years, the Vatican Bank has sidestepped EU regulations intended to bring about greater transparency in the financial sector. That was before Pope Francis, who has pledged to restore public confidence in the administration of the Roman Catholic Church. This week we learned the United States and the Holy See have brokered a FATCA agreement for […] read »
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Thanks to FATCA (the Foreign Account Tax Compliance Act), the IRS is now receiving important data on formerly hidden bank accounts, but tax administrators in other countries aren’t so fortunate. Their enforcement efforts are stymied by a lack of information on offshore income. As the current spat between Colombia and Panama illustrates, revenue […] read »
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