Bloomberg Interviews Scott Michel: Finish Line Unclear for Some FATCA Pacts as Banks Worry
Scott D. Michel spoke with Bloomberg BNA concerning the lack of agreements in force to facilitate reporting under the U.S. Foreign Account Tax Compliance Act. The issue is raising concerns among global banks with operations in some jurisdictions that have fully functioning pacts and some that don't. Attorneys told Bloomberg BNA that while countries will likely try to comply with the IRS notice, how the government will assess those responses is still an open question. Whether the agency will start insisting on withholding “remains to be seen,” said Scott Michel. “That's part of a larger diplomatic palette and there are big considerations.” For the full article, please visit Bloomberg BNA’s website (subscription required).