BREAKING NEWS

US aims at 5 EU tax evasion deals this month

By REUTERS

JUNE 5, 2012 03:53

WASHINGTON - The US Treasury Department aims to complete agreements with five EU countries by the end of June to crack down on American tax evasion, and cooperation with more countries should be announced soon, a senior Treasury official said on Monday.

In February, the Treasury announced it would work with the five - France, Germany, Italy, Spain and the United Kingdom - to implement the US Foreign Account Tax Compliance Act, or FATCA, a 2010 anti-tax evasion law.

The aim is to create a means for these countries to collect the information from their banks and send it to the United States so that the banks will not have to enter into separate data disclosure agreements with the tax-collecting Internal Revenue Service.

The Treasury also hopes by the end of June to complete a second model that will enlist the help of other countries, Manal Corwin, deputy assistant secretary for international tax Affairs at Treasury, told a tax conference in Washington.

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