U.S.A.: FATCA: U.S.A. and South Korea sign Model I Intergovernmental Agreement

12.06.2015

On 10 June 2015, South Korea (previously on the list of agreements “in substance”) and the U.S.A. signed an Intergovernmental Agreement (IGA) under Model I to improve international tax compliance with respect to the U.S. Foreign Account Tax Compliance Act (FATCA).

This is the fifty-seventh FATCA bilateral agreement Model I to be published so far.

Model I IGAs have previously been signed between the U.S.A. and, individually the United Kingdom, Denmark, Mexico, Ireland, Norway, Spain, Germany, France, Costa Rica, the Cayman Islands, Guernsey, Jersey, the Isle of Man, Italy, Mauritius, the Netherlands, Malta, Hungary, Canada, Finland, Luxembourg, Honduras, Estonia, Belgium, Australia, Jamaica, Gibraltar, Liechtenstein, Slovenia, South Africa, New Zealand, Latvia, the British Virgin Islands, Israel, the Czech Republic, Sweden, Lithuania, Mexico, Poland, the Bahamas, Barbados, the Turks and Caicos Islands, Cyprus, Bulgaria, Singapore, Curacao, Qatar, Kosovo, Belarus, Croatia, Uzbekistan, Kuwait, Colombia, Iceland, Romania and the Holy See.

We continue to monitor the implementation of FATCA and will provide more information as it becomes available.

This Taxflash is intended to provide customers with general information gathered from different sources that are generally believed to be reliable. Clearstream Banking S.A. does not guarantee the accuracy or completeness of the information and does not undertake to keep it up to date. Use of the information made available in this Taxflash is at the customer’s own risk and Clearstream Banking S.A., its subsidiaries and affiliates expressly disclaim any liability for any errors or omissions reflected herein. The information in this Taxflash does not constitute legal or tax advice.