Fatca reciprocity agreement may cause delays, experts warn

American flag

Challenges from US firms could result in further delays to the US Foreign Account Tax Compliance Act (Fatca), according to legal and accounting experts.

The act, requiring foreign banks to identify and report on US account holders, has led to foreign governments pressing for a quid pro quo arrangement, in which US banks would be subject to similar reporting requirements. An intergovernmental agreement with five European Union countries – France, Germany, Italy, Spain and the UK – was proposed in

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