Belgium, U.S. sign agreement on tax compliance

BRuKSEL (CIHAN)- Belgium and the United States have signed an agreement for the international tax compliance and the implementation of Foreign Account Tax Compliance Act (FATCA), Belgian Federal Public Service (SPF) said on Sunday in a statement.

The FATCA agreement, signed by the Belgian Minister of Finance Koen Geens and the charge d’affaires of the U.S. Embassy in Brussels Mark Storella, establishes a framework for the implementation of an automatic exchange of financial information between the two countries.

“The signing of the agreement confirms the resolution of the Belgian State to fit into the willingness of European states to progressively generalize the automatic exchange of information as a new global standard in the fight against international tax evasion,” said the statement.

In this context, according to it, a specific legal framework for automatic exchange of financial information is prepared and will be submitted to the next Belgian parliament. (CihanXinhua)