Thursday, July 26, 2012

European and US Governments Publish Full Implementation of FATCA Agreement

The governments of the UK, France, Germany, Italy, Spain, and the US have published the full text of their reciprocal agreement to implement the US Foreign Accounts Tax Compliance Act. The agreement requires financial institutions in the five European countries to report client information to their respective tax authorities, who will then automatically forward the data to the US Internal Revenue Service.

HM Treasury (Text of agreement, PDF)

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