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12 Agreements Signed to Help U.S. Fight Offshore Evasion: Taxes

Twelve governments have reached agreement with the U.S. Treasury on easing the reporting of foreign-held bank accounts by U.S. taxpayers, part of the Internal Revenue Service’s effort to combat offshore tax evasion.

The agreements will help implement the Foreign Account Tax Compliance Act, which as of July 1 will require that information about such accounts be supplied directly to the U.S. Similar accords have been reached in substance with 17 other jurisdictions, and talks on the deals are in advanced stages with many other countries, Bloomberg BNA reported.