The government has tabled a group of amendments to Clause 219 on international tax information exchange agreements and implementation of the Foreign Account Tax Compliance Act (FATCA). Clause 219 gives HM Treasury a power to make regulations for the purpose of, or in connection with, giving effect to the agreement between the UK and US governments to improve international tax compliance and to implement FATCA. The power also enables HM Treasury to make regulations in respect of agreements or arrangements entered into for the exchange of tax information which are corresponding or substantially similar.
The government has tabled a group of amendments to Clause 219 on international tax information exchange agreements and implementation of the Foreign Account Tax Compliance Act (FATCA). Clause 219 gives HM Treasury a power to make regulations for the purpose of, or in connection with, giving effect to the agreement between the UK and US governments to improve international tax compliance and to implement FATCA. The power also enables HM Treasury to make regulations in respect of agreements or arrangements entered into for the exchange of tax information which are corresponding or substantially similar.
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