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Taiwan, US sign Model 2 FATCA IGA

Taiwan, US sign Model 2 FATCA IGA

TAIPEI: Taiwan and the US have signed a Model 2 FATCA intergovernmental agreement (IGA), according to an update on the US Treasury Department website.

Consistent with the Taiwan Relation Act, the parties to the agreement are the Taipei Economic and Cultural Representative Office in the United States and the American Institute in Taiwan.

A Model 2 agreement requires financial institutions to disclose account details directly to the US tax authority with the consent of the US clients concerned.

The US and Taiwan reached an agreement in substance on a FATCA IGA on June 24, 2014.  The US has treated Taiwan as if it had an IGA in effect as of June 30, 2014.