On this page, We are going to learn about the full form of FATCA and the meaning of FATCA, As well as the meaning, definition, and acronym for FATCA in different categories. So you should read this post till the end.
The Full Form of FATCA: Foreign Account Tax Compliance Act
FATCA Stands for Foreign Account Tax Compliance Act. The Foreign Account Tax Compliance Act is a United States tax law that requires foreign financials. FATCA law requires foreign banks to report all foreign accounts to the U.S. Treasury,
As well as any accounts held in their entirety, in order to obtain the regulatory approval necessary to extend the FATCA program to financial institutions in the U.S. The purpose of the law is to ensure that Americans are not inadvertently opening these accounts to avoid paying taxes.