James F. McDonough
Of Counsel
732-568-8360 jmcdonough@sh-law.comFirm Insights
Treasury Department Works With More Than 50 Jurisdictions to Stem Tax Evasion
Author: James F. McDonough
Date: January 4, 2013
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The U.S. Department of the Treasury is extending its reach beyond U.S. shores to detect and prosecute Americans who violate federal tax law by failing to report and pay taxable income.
The federal agency announced that is currently engaging with more than 50 countries and jurisdictions to boost international tax compliance and strengthen the provisions surrounding the Foreign Account Tax Compliance Act. The Treasury notes that the cooperation it has received from several foreign countries and entities has greatly facilitated its goals of finding tax evaders and lowering the federal tax gap.
“Global cooperation is critical to implementing FATCA in a way that is targeted and efficient,” said Treasury assistant secretary for Tax Policy Mark Mazur. “By working cooperatively with foreign governments and financial institutions, we are intensifying our ability to combat tax evasion while minimizing burdens on financial institutions.”
Further, the Treasury Department noted that in addition to its initial intergovernmental model for implementing FACTA, it has recently developed a second model that will facilitate more bilateral agreements with allies. For example, an agreement has already been finalized between the U.S. and the United Kingdom, and the department is currently engaging in discussions with other countries, including France, Germany, Italy, Spain, Japan, Switzerland, Canada, Denmark, Finland, Guernsey, Ireland, Isle of Man, Jersey, Mexico, the Netherlands, and Norway. The Treasury said it hopes to have finalized agreements in place with these countries by the end of the year.
While the government is finalizing agreements or discussing the terms of agreements with several countries, there are still a large number of jurisdictions for which no deals have yet to be discussed.
- Practices: Tax and Trusts & Estates, Corporate Transactions & Business
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