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The Foreign Account Tax Compliance Act (FATCA), which went into effect on March 18, 2010, provides that all income from accounts held abroad by persons liable to pay taxes in the U.S. be disclosed for U.S. taxation purposes. FATCA requires Foreign Financial Institutions (FFI) to conclude an agreement with the U.S. tax authorities which obligates them to report identified U.S. accounts.
The initialed agreement provides for the following simplifications for significant segments of the Swiss financial industry:
The agreement ensures that accounts held by U.S. persons at Swiss financial institutions are reported either with the consent of the account holder or by administrative assistance channels through group requests. If consent is not given, the information will not be exchanged automatically , but only on the basis of the administrative assistance provision in the Swiss-U.S. Double Taxation Convention.
The agreement is subject to the approval of the Swiss Parliament and to an optional treaty referendum.
The text of the agreement will be published after the agreement is signed.