Israel Inks Model 1 FATCA IGA

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Explore:  FATCA IGAs IRS

Bloomberg BNA is reporting that Israel has signed a FATCA IGA. The agreement is a Model 1 agreement, meaning that Israeli financial institutions will will report information about U.S. customers’ accounts to the Israeli tax authorities, who will then send that information to the IRS. The news comes only a day after the indictment of a former senior vice president of an Israeli bank, widely believed to be Bank Mizrahi, for conspiring to conceal the existence of undeclared accounts owned and controlled by U.S. customers in Israel.

 

Topics:  FATCA, IGAs, IRS

Published In: Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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