FATCA negotiation framework approved
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The Thai government won the House approval to start negotiation with the United States over the intergovernmental agreement on the US's Foreign Account Tax Compliance Act (FATCA).
The House Wednesday approved the negotiation framework with 426 approval votes and 20 disapproval votes.
FATCA was enacted in 2010 by Congress to target non-compliance by US taxpayers using foreign accounts. FATCA requires foreign financial institutions (FFIs) to report to the IRS information about financial accounts held by US taxpayers, or by foreign entities in which U.S. taxpayers hold a substantial ownership interest.
