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Gibraltar signs FATCA with the United States

Staff writer |
Gibraltar's Minister for Financial Services Albert Isola has signed an Intergovernmental Agreement (IGA) with U.S. to improve international tax compliance and implement FATCA (Foreign Account Tax Compliance Act).

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The United States enacted provisions commonly known as ‘FATCA', which introduce a reporting regime for financial institutions with respect to certain financial accounts. The Agreement aims to improve international tax compliance through mutual assistance in tax matters based on an effective infrastructure for the automatic exchange of information.

The signing of the IGA, which took place at the Embassy of the United States in London, follows consultation with the industry in Gibraltar and the views of a Working Group specifically set up to consider FATCA and its impact on the financial services sector.

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