US and UK sign first bilateral FATCA intergovernmental agreement
The US and the UK announced on 14 September that they have signed a bilateral agreement to improve international tax compliance and implement the information reporting and withholding tax provisions of the Foreign Account Tax Compliance Act (FATCA). The agreement should lessen the burden of FATCA compliance on UK financial institutions, while increasing the ability of taxing authorities in both countries to obtain information in their efforts against tax evasion.
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2013 is likely to see a continued commitment to efficient and pragmatic enforcement, but also an EU Commission and an EU Commissioner increasingly willing to court controversy in key strategic markets.