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Article: Recently Introduced Tax Legislation Of Interest To Funds And Fund Managers.(Foreign Account Tax Compliance Act of 2009)(Stop Tax Haven Abuse Act)
- Article from:
- Mondaq Business Briefing
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Mondaq Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Earlier this week, the "Foreign Account Tax Compliance Act of 2009" (the "bill") was introduced in the Senate and the House. The bill is another effort aimed at curbing tax evasion through use of foreign financial accounts and investments by United States persons, although many of the provisions apply more broadly, and if passed in its current form, the bill will have significant implications beyond offshore bank accounts and their equivalents, in particular for hedge funds and private equity funds that are formed offshore.
The bill was introduced in the Senate by Senator Baucus of Montana and Senator Kerry of Massachusetts, and in the House by Representative ...