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By Benjamin Tolub, Esq., LL.M *
On February 8, 2012, the day of the release of the FATCA proposed regulations, the U.S. Treasury Department jointly issued a statement with France, Germany, Italy, Spain and the United Kingdom expressing mutual intent to pursue a government-to-government framework for implementing FATCA (“the February Statement”). On June 21, 2012, the U.S. Treasury Department has issued 2 additional statements (“the June Statements”), one with Switzerland and another one with Japan, expressing mutual intent to pursue a framework for intergovernmental cooperation.
This framework should help implementing FATCA and improve international tax compliance based on the tax treaties with Switzerland and Japan. The June Statements offer a...
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