Nations Sign New FATCA Agreement
FINANCIAL PRIVACY—SWITZERLAND & U.S.February 15, 2013
The U.S. and Switzerland have signed a bilateral agreement “to improve tax compliance, combat international tax evasion and implement” the Foreign Account Tax Compliance Act (FATCA), Forbes reports. FATCA was signed in 2010, and this new agreement will tighten its grip, the report states. “While inking the deal is no surprise,” writes Forbes contributor Robert W. Wood, “it’s one more sign that FATCA is a steamroller.” The U.S. is also working with 50 other nations to curb offshore tax evasion.