U.S. Treasury signs agreement with UK on tax compliance
WASHINGTON, Sept 14
WASHINGTON, Sept 14 (Reuters) - The United States has signed a bilateral agreement with the United Kingdom to share information that will allow the U.S. government to better fight tax evasion, the U.S. Treasury said on Friday.
The agreement is part of Treasury's efforts to gradually implement the 2010 Foreign Account Tax Compliance Act, or FATCA.
FATCA requires Americans to disclose overseas holdings directly to the Internal Revenue Service and requires foreign institutions to tell the IRS about offshore accounts controlled by Americans if assets in them top $50,000 in value.
Treasury said in a statement the agreement signed with the United Kingdom "marks a significant step forward in our efforts to work collaboratively to combat offshore tax evasion."
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