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Croatia, United States Sign FATCA IGA

Fernand Gagnier, for ExpatBriefing.com

24 March 2015


Croatian Finance Minister Boris Lalovac and US Ambassador Kenneth Merten have signed a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement (IGA).

FATCA, enacted by the US Congress in 2010, is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients, including bank and investment account ownership information, balances, and transfers, will result in a 30 percent withholding tax on US-source payments.

The deal will also enable the Croatian tax authority to access information about Croatian taxpayers with accounts in the US.

Lalovac added that Croatia will also adopt the Organisation for Economic Cooperation and Development's (OECD's) Common Reporting Standard to automatically exchange information on financial accounts.

TAGS: Finance | tax | investment | FATCA | withholding tax | United States | Croatia | Compliance | Tax

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