Data Management Providers Address Uncertain Tax Withholding Plans
Global financial services firms with concerns about how to manage data needed for compliance with the reported deal between the UK and Swiss governments on taxation of Swiss bank accounts, could look to efforts already underway to ensure compliance with the Foreign Account Tax Compliance Act (Fatca) in the US.
The act, scheduled to take effect in 2013, is similar to the agreement between the UK and Switzerland in that it address tax avoidance issues. Fatca, however, represents an effort by the
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