Monday, 25 June, 2012

'FATCA will cause problems for world economy'

Late last week Switzerland and the U.S. declared they came to a compromise on sharing banking information under the American Foreign Account Tax Compliance Act (FATCA). While U.S. tax authorities agree not to push Swiss banks for automatic exchange of information, Swiss banks agree to hand over more information and more easily. However, this is not going over well with American Citizens Abroad, who say that the U.S. government, and the world economy, are going to run into a major ’iceberg’ with this agreement. The association has its global headquarters in Geneva and WRS’s Dave Goodman speaks to its director is Anne Hornung-Soukup:

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