The US Treasury has announced on its website that the US-Dominican Republic Model 1 FATCA intergovernmental agreement (IGA) entered into force as of July 17, 2019.
The US-Dominican Republic FATCA IGA has been treated by the US as if it was in effect since June 30, 2014.
FATCA, signed into US law on March 18, 2010, is designed to combat offshore tax evasion by US persons with offshore bank accounts and investments, imposing a withholding tax on foreign financial institutions and other entities that refuse to disclose to the US information about their US customers.
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