Government to negotiate FATCA agreement with United States

On 25 October 2012, the Minister of Revenue announced that Cabinet had agreed to lodge an expression of interest in negotiating a Foreign Account Tax Compliance Act (FATCA) tax information agreement. FATCA was enacted by the United States (US) in 2010 and requires overseas financial institutions to enter into exchange of information agreements with the US Revenue Service (IRS) and US Treasury providing details about the affairs of their US clients.
With an agreement at government level, e…