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The US requires Switzerland to comply with FATCA


				04.12.2020
						The Internal Revenue Service of the United States of America (IRS) sent a group request to Swiss banks that previously provided a customer information in accordance with the US Foreign Account Tax Compliance Act (FATCA), which indicated that it was also necessary to disclose all the details of customer accounts that were not provided at the time of the request. The information requested by the tax authority relates to the accounts owned by US citizens or accounts of non - participating financial institutions (FIs) that have been paid amounts that are the subject to foreign reporting, but whose owner has not agreed to the transfer of  the data to the IRS.

Account holders are required to provide the IRS with an address of residence in Switzerland, and if there is no place of residence in this country, indicate the person authorized to receive services in Switzerland.

 For the current batch of IRS requests, the deadline for providing the above information or objections is December 20, 2020. After this date, the tax authority will issue a final ruling for each account on a group request. 

Recall that the US Foreign Account Tax Compliance Act (FATCA) was introduced in 2010 and required banks to report all accounts that belong to US taxpayers under the threat of criminal proceedings if such provision is refused.
 
Link to source: https://www.estv.admin.ch/ 

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