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HM Treasury have announced that the UK Government had signed an agreement with the United States to improve international tax compliance and implement the US Foreign Account Tax Compliance Act (FATCA). This agreement will benefit UK financial institutions by addressing their legal concerns with complying with FATCA and reducing the burdens imposed on them. It will also boost HMRC’s ability to obtain information from the US to help in tackling UK tax evasion.
Related Link:
https://www.gov.uk/government/news/uk-us-agreement-strengthens-uk-ability-to-tackle-tax-evasion
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