The Office of Best Practice Regulation has released a Regulation Impact Statement, certified by Treasury, on the implementation of the US Foreign Account Tax Compliance Act (FATCA) in Australia.
The agreement has been assessed as likely to have a major impact on the Australian financial sector with flow-on effects to the broader economy. A Regulation Impact Statement (RIS) was prepared and certified by Treasury and has been assessed as adequate by the Office of Best Practice Regulation. Given the significance of the proposal, a post-implementation review will be required within 5 years.
[LTN 93, 16/5/14]