114 Lebanese financial firms join FACTA

June 11, 2014 12:11 am

According to data from the US Internal Revenue Service (IRS), some 114 financial institutions operating in Lebanon have registered with the US to comply with the Foreign Account Tax Compliance Act (FACTA), The Daily Star has reported. FATCA requires foreign financial institutions to report information about accounts held by either US taxpayers or foreign entities, in which US taxpayers have a substantial ownership interest directly to the IRS.