National tax laws have not kept pace with the globalisation of corporations and the digital economy, leaving gaps that can be exploited by multi-national corporations to artificially reduce their taxes.
On July 12, 2013, the Internal Revenue Service announced revised timelines in connection with the staged implementation of the various due diligence, verification, withholding, and reporting requirements
The survey was conducted among 60 Northern Trust clients in Europe, Middle East and Africa attending a seminar on The Foreign Account Tax Compliance Act (FATCA) at Northern Trust's Canary Wharf offices.
Douglas Hornung, an attorney representing the unnamed Credit Suisse employee, said he won an interim ruling in January blocking Credit Suisse from transferring the data. That ruling was confirmed by the civil court in Geneva on Friday, Mr. Hornung said.