The Treasury Department is discussing a pact with dozens of other countries where signees would report and share tax information, Reuters reports.Patrick Temple-West writes the Treasury officially listed 47 countries as partners in negotiations, but that nearly 50 countries and territories are in negotiations to govern how local businesses can comply with the Foreign Account Tax Compliance Act.
First enacted in 2010, the FATCA bill follows a government-to-government approach with the terms of agreement and reporting of tax information.
FATCA requires financial institutions to provide information to the IRS about accounts by Americans that have more than $50,000.
A U.S. congressional panel report, Reuters reports, estimated in 2010 that FATCA would raise $8.7 billion in new tax revenues over 10 years.
