Eliteinter Law

The Foreign Account Tax Compliance Act (FATCA) provisions was include in the Hiring Incentive to Restore Employment (“HIRE”) Act passed US Congress in March 2010 and will become effective as from January 1, 2013. The principal objective of the FATCA provisions is to prevent tax evasion by US residents by providing the IRS (US Internal Revenue Service) with an increased ability to detect US citizens and residents hiding assets through foreign accounts and offshore structure including trusts and companies.