TaxCorporate TaxUS to divulge details of UK tax deal

US to divulge details of UK tax deal

The US Treasury hopes publicising details of a tax deal with the UK could act as a template for other countries

THE US TREASURY is to reveal details of a deal struck with the UK, forming part of its global effort to stem tax evasion and secure information on tax dodgers.

The agreement is part of the US 2010 law, the Foreign Account Tax Compliance Act (FATCA), which targets people evading tax using foreign accounts, reports the Financial Times.

Washington announced in February that deals had been reached with the UK, France, Germany, Spain and Italy ordering banks in those nations to submit information on American account holders through their own governments instead of directly to the US government.

Similar agreements were made last month with Japan and Switzerland, although concerns were raised by financial institutions that they lacked detail and could soon be subject to what they see as the law’s burdensome requirements.

The American Treasury will release at least one part of its accord with the UK in the hope that it will act as a template for other countries.

“We are expecting the inter-governmental agreements to change FATCA in a meaningful way, but not cure FATCA,” Harris Horowitz, global head of tax at BlackRock, told the Financial Times.

 

Related Articles

Prosecutors call for tougher Luxleaks sentences

Accounting Firms Prosecutors call for tougher Luxleaks sentences

1y Richard Crump, Writer
CIoT urges HMRC to delay introduction of new corporate tax evasion offence

Corporate Tax CIoT urges HMRC to delay introduction of new corporate tax evasion offence

1y Richard Crump, Writer
Four jailed in £100m tax fraud film scam

Corporate Tax Four jailed in £100m tax fraud film scam

1y Fraser Simpson, Reporter
Jump in serious tax evasion cases for HMRC

Corporate Tax Jump in serious tax evasion cases for HMRC

1y Fraser Simpson, Reporter
European inquiry into Panama Papers receives go-ahead

Administration European inquiry into Panama Papers receives go-ahead

2y Fraser Simpson, Reporter
Criminal tax evasion 'very problematic' for companies, claims CIoT

Corporate Tax Criminal tax evasion 'very problematic' for companies, claims CIoT

2y Fraser Simpson, Reporter
Queen's Speech: Millions of pension savings protected by new legislation

Administration Queen's Speech: Millions of pension savings protected by new legislation

2y Fraser Simpson, Reporter
Panama commits to share financial account information

Administration Panama commits to share financial account information

2y Richard Crump, Writer