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IRS Outlines Bilateral FATCA Agreements for Five Nations
By Colby Adams
printThe U.S. Treasury Department disclosed model plans Thursday that will allow five nations to comply with American tax data-sharing requirements set to take effect early next year. Under a "reciprocal model agreement" to comply with the U.S. Foreign Account Tax Compliance Act (FATCA), banks in Germany, France, Italy, Spain, and the U.K. would report to their national tax authorities on their American clients. The reported data would then be sent to the United States in exchange for information on non-U.S. accountholders at American banks. The department also outlined a "nonreciprocal" plan, which would allow foreign governments that can't legally accept...
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