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Foreign Account Tax Compliance Act - Implications for Funds

FATCA - Implications for Funds

The U.S. government intends to combat tax evasion by U.S. persons more intensively. The Foreign Account Tax Compliance Act (FATCA), which was enacted into law on 18 March 2010, will bolster the U.S.

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The U.S. government intends to combat tax evasion by U.S. persons more intensively. The Foreign Account Tax Compliance Act (FATCA), which was enacted into law on 18 March 2010, will bolster the U.S.government’s arsenal and will make it more difficult for U.S. persons to hide income and assets. For investment funds, this translates into new withholding tax and reporting obligations which have the potential to dramatically change the way funds currently operate.

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