Italy Latest To Target Tax Cheats By Signing FATCA

Law360, New York (January 14, 2014, 4:36 PM EST) -- Italy on Friday became the latest nation to sign the U.S. Foreign Account Tax Compliance Act, which requires signatories to exchange tax information with the Internal Revenue Service in order to combat offshore tax evasion.

Italy signed an intergovernmental agreement to implement FATCA, which will require financial institutions in Italy to report tax information about U.S. account holders to the Italian government, which will relay that information to the Internal Revenue Service.

Under the agreement, the IRS will act in kind with respect to Italian account...
To view the full article, register now.