GOP Platform Might Include Resolution to Repeal FATCA

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The Republican National Committee will consider a repeal of the Foreign Account Tax Compliance Act as part of its platform for the midterm elections, the committee's spokeswoman said.
The group's resolutions committee was set to consider a push to repeal FATCA and could vote Jan. 24 to cement an anti-FATCA resolution for the Republican party. Though the IRS and Treasury Department continue significant efforts to implement the bill, including guidance and agreements with other countries, the measure has created some controversy on Capitol Hill and has major implications for a wide range of businesses outside of the traditional banking and finance sectors.
Enacted in 2010 but still being implemented, FATCA is designed to combat evasion by taxpayers who try to hide their money in offshore banks. It requires foreign financial institutions to report their U.S.-owned accounts to the Internal Revenue Service or face, in some cases, a 30 percent withholding tax on certain U.S.-source payments that are made to them (52 DTR GG-2, 3/19/10).

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