FACTA agreement signed

REPRESENTATIVES of the US and Slovakia signed the Foreign Account Tax Compliance Act (FACTA) on July 31 in Bratislava.

Based on this agreement, the countries will exchange information for tax purposes, the SITA newswire reported.

“The objective of the agreement is to prevent tax evasion and tax frauds and improvement of tax collection,” the Slovak Finance Ministry informed.

Rudolf Perina, US Chargé d’Affaires signed the agreement on behalf of the US and Ivan Lesay, the state secretary of the Finance Ministry signed the agreement on behalf of Slovakia.

Now the agreement will go to the Slovak parliament for approval and ratification.

FATCA is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US citizens.