Brussels, 09/02/2012 (Agence Europe) - On Wednesday 8 February, the United States and five European nations - Germany, France, Spain, Italy and the United Kingdom - agreed to set up an automatic information exchange system between their tax services and civil services to prevent tax evasion. The agreement will require changes in the laws of the countries in question to allow US law on the payment of Foreign Account Tax Commitment Acquittal (FATCA, see EUROPE 10403) to come into play.
FATCA...