IRS Revises List of Qualifying Countries for Automatic Exchange of Information

In a Rev Proc 2016-56,2016-51 IRB, the IRS has updated two lists of countries with which the U.S. has in effect an agreement that requires payors to report certain deposit interest paid to nonresident alien individuals who are residents of the other country under Reg. § 1.6049-8(a) and Reg. § 1.6049-4(b)(5).
 
One list is of countries with which the U.S. has in effect an income tax or other treaty or a bilateral agreement and the other is of countries with which IRS has determined that an automatic exchange of information is appropriate. 

The following are the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of tax information within the meaning of section 6103(k)(4) pursuant to which the United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate:

1. Antigua & Barbuda
2. Aruba
3. Australia
4. Austria
5. Azerbaijan
6. Bangladesh
7. Barbados
8. Belgium
9. Bermuda
10. Brazil
11. British Virgin Islands
12. Bulgaria
13. Canada
14. Cayman Islands
15. China
16. Colombia
17. Costa Rica
18. Croatia
19. Curacao
20. Cyprus
21. Czech Republic
22. Denmark
23. Dominica
24. Dominican Republic
25. Egypt
26. Estonia
27. Finland
28. France
29. Germany
30. Gibraltar
31. Greece
32. Grenada
33. Guernsey
34. Guyana
35. Honduras
36. Hong Kong
37. Hungary
38. Iceland
39. India
40. Indonesia
41. Ireland
42. Isle of Man
43. Israel
44. Jamaica
45. Jersey
46. Korea, Republic of
47. Latvia
48. Liechtenstein
49. Lithuania
50. Luxembourg
51. Malta
52. Mauritius
53. Mexico
54. Netherlands
55. New Zealand
56. Norway
57. Poland
58. Saint Lucia 
59. Slovak Republic
60. Slovenia
61. South Africa
62. Spain
63. Sweden
64. United Kingdom

 

 Do You Have Undeclared Income 

From A Foreign Bank

Organized in 1 of These Countries?

 

 

 

 Want to Know if the OVDP Program is Right for You?

 

Contact the Tax Lawyers at 

Marini& Associates, P.A.  

 

for a FREE Tax Consultation

at: www.TaxAid.com or www.OVDPLaw.com or

Toll Free at 888-8TaxAid (888) 882-9243