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US, UK sign bilateral agreement to combat off-short tax evasion.

| WASHINGTON, Sept 14 (KUNA) -- The United States and the United Kingdom announced a bilateral agreement Friday to combat off-shore tax evasion.

The Treasury department said the US and the UK signed an agreement to implement the information reporting and withholding tax provisions known as the Foreign Account Tax Compliance Act (FATCA). The UK is the first country to agree to the new FATCA provisions, which includes the automatic exchange of information on alleged tax evaders.

"Today's announcement marks a significant step forward in our efforts to work collaboratively to combat offshore tax evasion," said Treasury Assistant Secretary for Tax Policy Mark Mazur. "We are pleased that the United Kingdom, one of our closest allies, is the first jurisdiction to sign a bilateral agreement with us and we look forward to quickly concluding agreements based on this model with other jurisdictions." The Treasury Department is in communication with several other governments who have expressed interest in concluding a similar bilateral agreement to implement FATCA and expects to sign additional bilateral agreements in the near future.

The Treasury Department and the Internal Revenue Service (IRS) also are continuing to work towards finalizing the regulations implementing FATCA in the near term. (end) hy.bs KUNA 142014 Sep 12NNNN

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Publication:Kuwait News Agency (KUNA)
Geographic Code:4EUUK
Date:Sep 14, 2012
Words:219
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