The U.S. Treasury Department said it reached agreements with both Switzerland and Japan to cooperate on a framework for sharing financial information on bank accounts under the Foreign Account Tax Compliance Act.
FATCA, which was included as part of the HIRE Act of 2010, requires foreign financial institutions to report on the bank accounts and assets of U.S. taxpayers or face stiff penalties. Foreign banks, expatriate groups and dual citizens have raised alarms about the requirements, and the IRS and Treasury Department have elected to phase in the requirements over the next few years. In addition, the U.S. has announced a deal in a previous joint statement with five European countries, including the United Kingdom, France, Germany, Italy and Spain, to share information with them on their taxpayers who have holdings in U.S. banks (see IRS and Treasury Propose New FATCA Rules).
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