This week the Treasury Department and the United Kingdom signed a bilateral agreement to implement the information reporting and withholding tax provisions under the Foreign Account Tax Compliance Act (FATCA). The model agreement was developed in July 2011 with input from the governments of France, Germany, Italy, Spain, and the United Kingdom. The cooperation of other governments indicates a joint interest in combatting tax evasion through an automated exchange of information. The Treasury Department anticipates executing agreements with other jurisdictions as well.
To read the Treasury Department’s press release, visit this link: http://www.treasury.gov/press-center/press-releases/Pages-tg1711.aspx