Rattrap
Doesn't feed trolls and would appreciate it if you
Heh...FACTA is the Fair and Accurate Credit Transactions Act, but I mean FATCA, the Foreign Account Tax Compliance Act:Isn't FACTA the fair credit act? What's been changing about it?
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A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.