Representatives of the governments of Italy and the United States signed an intergovernmental agreement to implement the provisions of U.S. law known as “FATCA” (Foreign Account Tax Compliance Act).
According to a Ministry of Economy and Finance release the FATCA intergovernmental agreement (IGA) allows for the automatic exchange of information between tax authorities and reflects an agreement negotiated between the United States and five European Union countries (France, Germany , Italy, Spain, and the United Kingdom).
The automatic exchange of information under the IGA will take place on the basis of reciprocity, and will include accounts held in the United States by persons resident in Italy and those held in Italy from U.S. citizens and residents.
