Plans to automatically match FATCA reports to tax returns and instituting sanctions

On 1 November 2019, United States Senator Elizabeth Warren published plans for a system of universal Medicare that will be partially funded by stricter anti-tax avoidance rules (Link).

To strengthen enforcement of the Foreign Account Tax Compliance Act (“FATCA”) and to narrow the tax gap, automatically matching FATCA reports to tax returns and instituting sanctions for non-compliant foreign financial institutions should be introduced, according to the proposal.

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