 to improve international tax compliance with respect to Foreign Account Tax Compliance Act (FATCA).&p[images][0]=http%3A%2F%2Fwww.abanc.ao%2Fcontent%2Fimg%2Ffatca2.png){kind=link}
FATCA – Agreement between Angola and US
On the November 30, Angola and United States signed an Intergovernmental Agreement (IGA) to improve international tax compliance with respect to Foreign Account Tax Compliance Act (FATCA).
The FATCA aims to prevent tax escape and evasion of US taxable persons (US Persons), in particular regarding the payment of taxes on earned income or gain on investments made in other countries outside the United States of America (USA).
This scheme determines that Foreign Financial Institutions (FFI’s) non-residents in the U.S. should establish agreements with US tax authorities, under which the non-residents FFI’s undertake to identify customers that are considered US Persons and to send reports about the assets held by these citizens.
The US Treasury Department has updated the list of countries with Intergovernmental Agreements (IGA) signed with the United States, which the following countries shall be included:
IGA Model 1
- Angola (11-30-2014)
- Cambodia (11-30-2014)
- Greece (11-30-2014)
- Holy See (11-30-2014)
- Iceland (11-30-2014)
- Kazakhstan (11-30-2014)
- Montserrat (11-30-2014)
- Philippines (11-30-2014)
- Trinidad and Tobago (11-30-2014)
- Tunisia (11-30-2014)
IGA Model 2
- Macao (11-30-2014)
For more information, see the website of the US Treasury Department through this link.