Fatca statement adds to confusion

US regulations

A proposal by five major European countries aimed at easing the burden on firms in complying with the Foreign Account Tax Compliance Act (Fatca) simply adds further complication to the draft regulations, an industry expert warns. France, Germany, Italy, Spain and the UK are proposing that foreign financial institutions (FFIs) in the five jurisdictions report on US account holders to their respective national government, which will then report the information to the US Internal Revenue Service