FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) AND AGREEMENT WITH ROMANIA – A STEP IN THE FIGHT AGAINST INTERNATIONAL TAX EVASION
FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA) AND AGREEMENT WITH ROMANIA – A STEP IN THE FIGHT AGAINST INTERNATIONAL TAX EVASION

Summary/Abstract: The study of the international tax evasion reveals a practice of setting up fictitious entities, whose purpose is to provide large amounts of money through fraud. They perform by means of dissimulative maneuvers and operational skills important profits while producing at the same time big losses to trading counterparties who are not cautious enough. International tax evasion is truly endangered by a new regulation - Agreement of fulfilment of tax obligations on foreign accounts of US citizens (FATCA- Foreign Account Tax Compliance Act). The article aims to present both FATCA and FATCA bilateral Agreement between Romania and the US.

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