Agreement between the Government of the United States of America and the Government of […]* to Improve International Tax Compliance and to Implement FATCA | Model 1 Agreement | Model 1 IGASAINMHÍNIÚ one of the model intergovernmental agreements which serve as the basis for concluding bilateral agreements between the Government of the United States and interested jurisdictions for the implementation of the Foreign Account Tax Compliance Act (FATCA) [IATE:3539814 ]; it was developed in consultation with France, Germany, Italy, Spain, and the United Kingdom TAGAIRT Council Terminology Coordination, based on US Department of the Treasury, http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA.aspx and http://www.treasury.gov/press-center/press-releases/Pages/tg1653.aspx (3.11.2014)
NÓTA Under Model 1 IGA:<br>•The partner jurisdiction agrees to report to the IRS specified information about the U.S. accounts maintained by all relevant foreign financial institutions (FFIs) located in the jurisdiction.<br>•FFIs identify U.S. accounts pursuant to due diligence rules contained in Annex I of the IGA.<br>•FFIs report specified information about their U.S. accounts to the partner jurisdiction.<br>•The partner jurisdiction, in turn, reports such information to the IRS on an automatic basis.<br>•The exchange of information under a Model 1 IGA may be on a reciprocal (Model 1A Agreement) or nonreciprocal basis (Model 1B Agreement).<br><br>Internal Revenue Service, http://www.irs.gov/Businesses/Corporations/FATCA-Governments (30.10.2014)<br><br>See also "Model 2 IGA" (IATE:3562823 ) and "FATCA Agreement" (IATE:3562826 )<br><br>List of jurisdictions that have signed FATCA agreements/have agreements in substance, http://www.treasury.gov/resource-center/tax-policy/treaties/Pages/FATCA-Archive.aspx (30.10.2014)