Azerbaijan, Turks and Caicos agree to FATCA Model 1 agreements

Azerbaijan and the Turks and Caicos Islands have joined 32 other countries to enter into an intergovernmental agreement in substance under the U.S. Foreign Account Tax Compliance Act.

The Treasury Department updated its FATCA website May 16 to reflect the addition of Azerbaijan. The Turks and Caicos Islands agreement was effective May 12.

Treasury said 66 countries have signed IGAs or have agreed to one in substance ahead of the July 1 launch of the anti-tax evasion program. Both countries agreed to a Model 1 IGA, which generally allows foreign financial institutions in jurisdictions with the agreement in place to report information to their own taxing authorities, which then transmit the data to the Internal Revenue Service.

Bakudaily.az