On 14 November 2013, the U.S.A. and France signed an Intergovernmental Agreement, on the basis of a Model I template, in order to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (FATCA).
The text of the signed agreement has been published on the website of the U.S. Treasury.
The previous agreements were signed between the U.S.A. and, individually, the United Kingdom, Denmark, Mexico, Ireland, Norway, Spain and Germany.
In the beginning of November 2013 the Russian Ministry of Foreign Affairs criticized FATCA as being contrary to the principle of sovereign equality. It requires foreign credit and financial institutions to abide by US law. In particular, it is stated: “We do not intend to assume unilateral obligations and wish the tax information exchange be mutual and balanced. The Russian party strongly believes that the bilateral Russian-American agreement, which is being developed, should comply with generally accepted international norms, and ensure reliable protection for our financial institutions”.
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