12 Dec '11, 9pm

An American law that will hit investors here: by Richard Hartung For many years, thousands of foreign investors

For many years, thousands of foreign investors have put their money into American shares or other investments. Now, however, a somewhat obscure law called the Foreign Account Tax Compliance Act (FATCA) may make investments in the United States for everyone, from billionaires to the man on the street, here in Singapore far less attractive. And anyone considering investing in the US who has not heard about the FATCA may soon learn more about it. "FATCA is a new US tax law designed to prevent US taxpayers from avoiding US tax on their income," is how Ernst & Young describes it. Since a major focus of the law is to require financial institutions to report investments held by US persons to the tax authorities, the Internal Revenue Service (IRS), it might sound like it only affects American citizens. Yet it will affect Singaporeans and other non-Americans too. While the FATCA re...

Full article: http://www.todayonline.com/Commentary/EDC111213-0000009/A...

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