Big news on Fatca: multilateral automatic information exchange
the United States, France, Germany, Italy, Spain and the United Kingdom wish to intensify their co-operation in combating international tax evasion.What do they envisage?
"An intergovernmental approach to FATCA implementation . . . the United States, France, Germany, Italy, Spain and the United Kingdom have agreed to explore a common approach to FATCA implementation through domestic reporting and reciprocal automatic exchange and based on existing bilateral tax treaties."We have written a fair bit about FATCA in the past - it's a major transparency initiative spearheaded by the U.S. We need to analyse the statement, and other things that have been happening with FATCA today (e.g. see here and here and here); we'll write more about this in due course.
Hat tip: David McNair