FACTA agreement signed

Slovakia and the United States can now exchange information for tax purposes more easily, thanks to the Foreign Account Tax Compliance Act (FACTA) agreement signed in Bratislava on July 31, 2015.

Illustrative stock photoIllustrative stock photo (Source: Sme)

“The objective of the agreement is to prevent tax evasion and tax frauds and improvement of tax collection,” the Slovak Finance Ministry informed, as quoted by the SITA newswire.

FATCA is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US citizens. The agreement was ratified by the Slovak parliament in September 2015.Mean

while, all members of the Slovak Banking Association (SBA) reported the financial information about the accounts of their US clients and Slovak clients who receive money from the USA to the Financial Administration by June 30, 2016. The data came from the years 2014 and 2015, SBA spokesperson Zuzana Murcko said.

The exchange of information will now take place once a year. The first bilateral exchange of information between Slovak and US institutions should take place by the end of September 2016, SBA informed.

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