U.S. IRS Announces Start of Automatic Exchange of Information under FATCA IGAs

On 2 October 2015, the U.S. IRS announced that it has begun the automatic exchange of financial account information under intergovernmental agreements for FATCA.

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WASHINGTON — The Internal Revenue Service today announced the exchange of financial account information with certain foreign tax administrations, meeting a key Sept. 30 milestone related to FATCA, the Foreign Account Tax Compliance Act.

To achieve this, the IRS successfully and timely developed the information system infrastru…