European banks are calling on the U.S. Treasury Department to give them more time to comply with the Foreign Account Tax Compliance Act.
A grace period for banks in the European Union to provide the information under the U.S. foreign bank reporting law is due to expire at the end of this year.
FATCA, part of an effort to crack down on tax evasion, requires foreign financial institutions to report certain information to the Internal Revenue Service about accounts held by U.S. persons.
The extension for EU-based banks is vital to avoid potential sanctions on revenue transferred to Europe from ...