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US, Singapore Reach Agreement on Tax Evasion: US Treasury

6 May 2014

Singapore has reached a tax information-sharing agreement with the United States under a new law meant to combat offshore tax dodging by Americans, a US Treasury Department spokeswoman said on Monday. Set to take effect on July 1, the Foreign Account Tax Compliance Act of 2010 (FATCA) will require foreign banks, investment funds and insurers to hand over information about Americans’ accounts that have more than $50,000 to the US Internal Revenue Service. The Singapore deal is significant because it broadens FATCA’s dragnet to a major Asian financial center, sources said. FATCA was enacted after a scandal involving Americans hiding money in Swiss bank accounts.—Reuters