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Insurance companies will continue to face significant challenges in implementing the Foreign Account Tax Compliance Act, although changes made in recently proposed rules on the new regime are helpful, practitioners say during a webcast sponsored by Bloomberg BNA. The new regime requires foreign financial institutions to report U.S.-owned accounts to IRS or face, in some cases, a 30 percent withholding tax. IRS unveiled nearly 400 pages of rules early in February, with several carveouts and exclusions for insurance companies, but practitioners say they hoped there would be more when the U.S. government finalizes the regulations.
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