“The new law, expected to be phased in over several years, requires foreign banks to identify Americans among their clients and to provide their financial information to the Internal Revenue Service. Just one person overlooked could mean a penalty equivalent to 30% of a bank’s U.S. income. Most banks in Switzerland have little appetite to deal with such risk and are quietly—or openly—ushering American clients out or limiting the range of products offered to them, tax experts and bankers say.”
http://online.wsj.com/article/SB10000872396390444592704578062570295543436.html
Related posts:
California Obamacare Exchange Pays Taxpayer Funds To TV Networks To Push Obamacare
Thousands of new laws take effect on New Year's Day
Millions unable to use Lloyds debit, credit cards after server failure
Supreme Court to decide whether police can take your blood without your permission
‘Iran, Eurasian Econ. Union mulling over free trade zone’
Pakistan TV preacher defends Ramadan baby give-away
World War II bomb found near Berlin’s main train station
Bank of England deputy governor Paul Tucker warned banks they could collapse 'before Christmas'
NYPD chief Ray Kelly defends officers over Empire State Building shooting
Millions of U.S. license plates tracked and stored – and it’s not just government agencies
U.K. report on terrorism and Saudi Arabia 'too sensitive' to be made public
Americans Overwhelmingly Opposed to Endless US Military Interventions
With 'Charity' For All
Google barge, kicked out of S.F. Bay, gets warm welcome in Stockton
Brazil Builds Internet Cable To Portugal To Avoid NSA Surveillance [2014]