USA: Competent Authority Arrangements with Respect to Intergovernmental Agreements
From the IRS Newswire:
“U.S. Signs Competent Authority Arrangements with Australia and the United Kingdom in Accordance with the Intergovernmental Agreements
IR-2015-108, Sept. 24, 2015
WASHINGTON — The Competent Authority of the United States has signed Competent Authority Arrangements (CAA) with two jurisdictions with which it has entered into intergovernmental agreements (IGAs). The CAAs were signed with the Competent Authorities of Australia and the United Kingdom in accordance with the “Agreement between the Government of the United States of America and the Government of Australia to Improve International Tax Compliance and to Implement FATCA” and the “Agreement Between the Government of the United States of America and the Government of the United Kingdom of Great Britain and Northern Ireland to Improve International Tax Compliance and to Implement FATCA”, respectively, IRS officials announced today.”
According to the IRS, this “marks another significant milestone in the international effort to gain proper reporting of offshore accounts and income.”
More information on the CAA with Australia is available here.
More information on the CAA with the United Kingdom is available here
Individual taxpayers with foreign financial assets can find more information on FATCA here.
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