Protests against US Fatca tax rules gain pace with support of European Commission

us treasury
US Treasury has received criticism for the new tax rules

The European Commission has added its voice to the protests against the introduction of new tax regulations in the US last year that will penalise foreign financial institutions that do not report certain tax information. Several months after the law was voted in, the new regulation is causing ripples in the US financial industry and has now moved into Europe, leading the European Commission to call for the US Treasury to change the rules.

Gyorgy Matolcsy, Hungary's finance minister, who chairs