U.S. Department of Treasury Releases Model Intergovernmental Agreement on Foreign Asset Reporting
Agreement Works to Prevent Tax Evasion
The U.S. Department of the Treasury has issued a model intergovernmental agreement to implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). The provisions are intended to combat offshore tax evasion, and they require foreign financial institutions (FFIs) to report to the IRS information about certain financial accounts.
