US Treasury finalizes tax anti-evasion rules, enforcement ahead

WASHINGTON Thu Jan 17, 2013 4:15pm EST

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WASHINGTON Jan 17 (Reuters) - The United States published final rules on Thursday for a new global tax enforcement regime targeting the assets of U.S. taxpayers abroad.

The U.S. Treasury announcement finishes the rule-writing process for the Foreign Account Tax Compliance Act, or FATCA, which Congress passed in March 2010. The final rules were expected this month after delays last year.

The final rules spare certain foreign pension funds and mutual funds information-reporting requirements.

Treasury rejected a request by businesses, banks and foreign investment funds to delay a January 2014 start date for big penalties imposed on individuals and financial firms that do not comply with the law.

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