The US Tax Department launched the Foreign Account Tax Compliance Act (FATCA) in
2010 to promote tax compliance and discourage tax evasion. The act is applicable for United
States citizens, and its main purpose is to keep a check on US citizens and their malpractices
such as avoiding taxes or hoarding unaccounted cash overseas. Foreign financial institutions are required to report on the foreign assets held by their U.S. account holders. FATCA is applicable to individuals, Institutions as well as Inter-Governmental Agreements.
This mock-test gives you a chance to test your knowledge about the core concepts of Foreign
Account Tax Compliance Act (FATCA).