Portugal – United States: FATCA Agreement Signed

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Portugal – United States: FATCA Agreement Signed

Credit to : Tax Evasion News : Portugal – United States: FATCA Agreement Signed

On 6 August 2015, Portugal and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement.
FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs) who do not agree to identify and report information on U.S. account holders. Governments have the option of permitting their FFIs to enter into agreements directly with the IRS to comply with FATCA under U.S. Treasury Regulations or to implement FATCA by entering into one of two alternative Model IGAs with the United States.

So the portugal already signed