Legal challenge against Fatca shut down by US appeals court

The taxes were established by the Foreign Account Tax Compliance Act (Fatca) in 2010 and have been described by attorneys representing several US citizens as “draconian”, reports legal news site Courthouse News Service.

Fatca requires foreign banks to report all accounts held by US citizens to the country’s Internal Revenue Service (IRS) or risk being hit with a 30% withholding tax.

Taxpayers

FULL ARTICLE http://www.international-adviser.com/news/1037662/legal-challenge-fatca-shut-us-appeals-court

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