n Without Prejudice - Mauritius becomes FATCA compliant : Africa




FATCA is a piece of United States legislation enacted in 2010 with the aim of reducing tax evasion by US citizens and residents who hold assets through non-US financial institutions. The most controversial aspect of this legislation is that, despite being US legislation, it imposes obligations to withhold tax on behalf of, and report and disclose information to the US Internal Revenue Service (IRS) on, every foreign financial institution (FFI) established outside the US. In other words, foreign institutions within the scope of FATCA are technically required to comply with US tax rules even if they are incorporated and tax resident outside the US.


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