US signs first competent authority arrangements to implement FATCA IGAs with Australia and UK

The US IRS announced November 24 that it has signed competent authority arrangements (CCAs) with Australia and the UK to establish procedures for the automatic exchange of tax information. The CCAs were signed in accordance with intergovernmental agreements (IGAs) signed by the US and the other nations to implement FATCA.

“The signing of these competent authority arrangements marks another significant milestone in the international effort to gain proper reporting of offshore accounts and income,” said IRS Commissioner John Koskinen. “Together in partnership with other tax authorities, we are demonstrating how far we have come in the fight against offshore tax evasion,” he said.

The IRS expects to soon sign CCAs with many other nations.

See:

• Competent Authority Arrangement Between the Competent Authorities of the United States Of America and Australia

• Competent Authority Arrangement Between the Competent Authorities of the United States Of America and United Kingdom of Great Britain and Northern Ireland