US Taxpayers in Nepal Come Under IRS Scrutiny
US citizens, firms and green card holders, living in or operating from Nepal will come under close scrutiny of the US taxman from now onwards. Nepal is a country near the Himalayan Mountains.
Issuing a circular today, Nepal Rastra Bank directed all Nepali banks and financial institutions to provide bank account information of US taxpayers living in or operating from Nepal to the Internal Revenue Service (IRS) of the United States.
The Nepali central bank issued the instruction following enactment of the Foreign Account Tax Compliance Act (FATCA) 2010 in the US, which requires non-US financial institutions to report about income of US taxpayers worldwide. This means all financial institutions in Nepal must send bank account information on US taxpayers to the US government.
Editor’s Note: To find out the shocking real reason for FATCA see here.