Beware: US FATCA looming over non-participating financial institutions in foreign countries
FATCA to catch tax dodgers- Sunday 02nd March 2014
Dodging of taxes by taxpayers is the biggest headache for tax administrators throughout the world. This is more so for the US tax administrator, Internal Revenue Service or IRS. In that country, the annual average tax loss by Federal Government alone due to tax evasion has been about $ 300 billion or 2 % of its GDP.