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    U.S. sets Deadline for Foreign Banks to give Information on U.S. Citizens

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    The Costa Rica News (TCRN) – The United States on Friday set new deadline to July 1st, 2014 the deadline for foreign banks to supply information on US citizen accounts as part of the fight against tax evasion.

    The U.S. Treasury expects foreign banks to agree to identify and report information on US citizens’ accounts, or US financial institutions will with hold 30 percent of dividend and interest payments due.

    The Treasury reports it was working with more than 80 countries on data exchange on the offshore accounts.

    The Treasury reported it had already signed nine agreements with other governments to regarding exchange of information required by the Foreign Account Tax Compliance Act (FATCA). AFP

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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