The US has signed an intergovernmental agreement with France to implement the Foreign Account Tax Compliance Act (FATCA).
The US has signed an intergovernmental
agreement with France to implement the Foreign Account Tax Compliance Act
The agreement was
signed last week by US Ambassador to France Charles Rivkin and French Finance Minister
"France has been an
enthusiastic supporter of our effort to promote global tax transparency and
critical to drafting a model of FATCA implementation," said deputy
assistant secretary for international tax affairs Robert Stack in a statement
from the US Department of the Treasury.
As previously reported, the signing of the US-France pact was delayed by the US government shutdown last month.
FATCA was implemented in 2010 by the US government to crack
down on expat citizens who might be evading taxes by using foreign accounts. Switzerland confirmed
earlier this month that the implementation date for FATCA has been pushed back
to July 1, 2014, rather than January 1, 2014 (view here). With the latest signing, ten FATCA IGAs have now been signed.