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Business Briefing / Taxes

Foreign banks face secrecy fee

October 28, 2009|Times Staff and Wire Reports

Congress will consider taxing foreign banks that refuse to disclose the identity and contents of accounts owned by Americans.

The measure would impose a 30% withholding tax on income from U.S. assets held by foreign institutions that refuse to name U.S. account holders and report balances, deposits and withdrawals.

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