On January 28 2014 Slovenia’s Ministry of Finance announced that Slovenia and the United States have initialed the text of a bilateral inter-governmental agreement (IGA) for the implementation of the US Foreign Account Tax Compliance Act (FATCA). The US Congress enacted FATCA in 2010 and the legislation is taking effect on July 1, 2014. Its purpose is to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients, including account ownership, balances and account movements, will result in a requirement to withhold 30 percent tax on payments of US-sourced income. Further discussion is required by the Slovenian parliament before the final agreement is signed.
Jersey ratifies TIEA with Slovenia
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