Letters

摘要

Sir - In response to your broadside against the Foreign Account Tax Compliance Act (fatca), I would like to point out that the American Treasury has tailored the rules to minimise burdens and costs and has considered hundreds of comments from financial institutions and foreign governments ("Dropping the bomb", June 28th). As a consequence, many low-risk entities, accounts and payments are exempt from fatca altogether. It is also important to note that fatca's requirements are the same for all American taxpayers-expats are treated no differently. All citizens are required to comply with United States' tax laws and fatca is a tool to enforce them. Tax evaders should rightly worry that fatca will reveal their illicit activities.