U.S. Is Doing FATCA Deals With 50 Countries!
FATCA, the Foreign Account Tax Compliance Act, requires foreign banks to report U.S. account holders to the IRS. Some must even withhold and pay 30% over to the IRS.
A U.S. Treasury press release trumpets that the U.S. is engaging with more than 50 jurisdictions in its international tax compliance push. The U.S. already completed a bilateral agreement with the U.K.
What’s more, the U.S. is finalizing intergovernmental agreements with France, Germany, Italy, Spain, Japan, Switzerland, Canada, Denmark, Finland, Guernsey, Ireland, Isle of Man, Jersey, Mexico, the Netherlands, and Norway.
The U.S. expects many deals by year-end.