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in the last few months everyone has been talking about faka in the Press on the evening news on talk radio and on social media but what does it all mean for you fatka or the foreign accounts tax compliance Act is one part of United States legislation to prevent tax evasion money laundering and Corruption by its citizens green card holders and those with us corporate interests overseas countries around the world have agreed to have their Banks report all holders of Assets in excess of us $50,000 to the IRS so whatamp;#39;s all the fuss about and how does it affect you the ordinary taxpayer because fatka affects relationships between local banks and foreign banks non-compliance with fatka could create many many problems for you the ordinary citizen of Trinidad and Tobago some of these are a fatka imposed 30% tax on every single us transaction you make at your bank higher food prices due to increased Import and Export costs food shortages difficulty sending money abroad to pay yo
