US Treasury on track for tax law

The US Treasury Department said that the largely technical reporting changes released yesterday are “the last substantial package of regulations” needed to implement a new law set to take effect on 1 July that is meant to fight offshore tax evasion by Americans. The Foreign Account Tax Compliance Act (Fatca) was enacted in 2010 and has undergone successive delays and revisions, with banks even now saying more time is needed to get ready for it.