The Treasury Department released a model intergovernmental agreement Thursday for implementing the Foreign Account Tax Compliance Act, developed in consultation with France, Germany, Italy, Spain and the United Kingdom.
The five countries had previously released a joint statement with the U.S. when the Treasury and the Internal Revenue Service unveiled their proposed regulations for FATCA back in February (see IRS and Treasury Propose New FATCA Rules). FATCA was included as part of the HIRE Act of 2010 and requires foreign financial institutions to disclose the holdings of U.S. depositors to the IRS as a way to spur tax compliance.
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