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.
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