US Develops Int'l Agreement To Combat Offshore Tax Evasion

Law360, New York (July 27, 2012, 2:05 PM EDT) -- The U.S. Treasury Department on Thursday unveiled an intergovernmental framework designed to comply with reporting requirements for foreign banks implemented under the U.S. Foreign Account Tax Compliance Act, adopted in 2010 to fight tax evasion by U.S. citizens.

The model agreement was developed in conjunction with the U.K., France, Germany, Italy and Spain and erects a framework for reporting by financial firms to their nations' respective tax authorities, followed by automatic exchange of such information between the nations under existing bilateral tax treaties or tax information...
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