The US Treasury Department has published the official text of the intergovernmental agreement (IGA) between the United States and Israel that was signed on June 30, 2014 for implementation of the Foreign Account Tax Compliance Act (FATCA). The financial institutions in Israel will be needed to report tax information about US account holders to the government of Israel. The US will also give similar tax information to Israel regarding residents of Israel having accounts in the US. According to the article 10(1) of the US-Israel IGA, the IGA will enter into force on the date of Israel’s written notification to the US that Israel has finished its required internal procedures for entry into force of the IGA.
Related Posts
US: Trump Administration withdraws from OECD Global Tax Deal commitment
January 22, 2025
The Trump administration released a memorandum to the Treasury Secretary and the US Trade Representative instructing them to withdraw from the OECD’s “Global Tax Deal” on 20 January 2025. This initiative includes the Pillar One and Pillar Two
Read More US releases expiring federal tax provisions list 2024-2034
January 21, 2025
The US Joint Committee on Taxation has published the List of Expiring Federal Tax Provisions for 2024-2034 on 9 January 2025. This document lists Federal tax provisions that expired in 2024 or are scheduled to expire in the future. Years in which
Read More US: Treasury, IRS finalise rules on micro-captive transactions
January 20, 2025
The US Department of the Treasury and the Internal Revenue Service (IRS) released the final regulations (TD 10029) identifying transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions,
Read MoreIMF: Briefing on the World Economic Outlook
January 18, 2025
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
Read MoreIMF Updates World Economic Outlook
January 17, 2025
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
Read More
Czech Republic posts CAA text for CbC reporting with the US
January 17, 2025
The Czech Republic’s Ministry of Finance has published the text of a Competent Authority Agreement (CAA) concerning the exchange of country-by-country (CbC) reports with the United States on 9 January 2025. This agreement between the two
Read More