FATCA Agreements Signed Total 24; More Sought as Deadlines Near

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The U.S. has signed agreements with 24 countries to implement the Foreign Account Tax Compliance Act, with many more pacts either agreed to in substance or well along in the process, the Treasury Department told Bloomberg BNA.
The number of signed intergovernmental agreements (IGAs) has doubled from the 12 formalized as of December 2013 (238 DTR GG-1, 12/11/13).
The increasing progress shows global momentum in implementing FATCA and creating a worldwide standard of tax transparency, Treasury said March 10. Several practitioners said in interviews that more agreements are needed quickly as compliance deadlines for FATCA grow closer, particularly for major economies in areas such as South America and Asia.