Banks in Switzerland will be the first to disclose their American accountholders directly to U.S. officials rather than their government under the terms of a bilateral tax cooperation agreement. Under the first of two model intergovernmental agreements (IGAs) introduced by U.S. officials last year as alternatives to the reporting provisions of the Foreign Account Tax Compliance Act (FATCA), banks in seven countries will share data on their American clients with their governments, which will then submit the information to the United States. On Thursday, Switzerland became the first country to finalize a second model IGA, which will require Swiss financial...
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