Semeta: EU Members Working Toward Uniform Model Pacts Under FATCA

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EU member states are focusing on producing uniform model agreements for government-to-government information sharing under the Foreign Account Tax Compliance Act, and such a pact could be finished by the end of June, the EU's highest tax official tells BNA. The news comes as governments and institutions around the world direct their attention to implementing the U.S. tax law, which requires foreign banks to report U.S.-owned accounts to IRS or face, in some cases, a 30 percent withholding tax. Algirdas Semeta, European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud, says in an interview that U.S. tax authorities spoke with representatives from all the EU member states to discuss the agreements in a joint meeting in late April.