Belgium, US to exchange bank data information

BRUSSELS, April 12 (KUNA) — Belgium and the US will sign an agreement on 23 April that will allow the automatic exchange of bank data from accounts held in both countries.

Belgian Finance Minister Koen Geens was quoted by Belgian media Saturday saying that the new deal “will lead to improved enforcement of international fiscal obligations.” The American Foreign Account Tax Compliance Act (FATCA) was set up to tackle tax evasion by Americans with foreign bank accounts.

Several European countries already have signed an agreement with the US that allows the automatic exchange of bank account details, said the reports.

The conditions of new treaty will come into force from September 2015.

As a result of the new agreement, financial transactions between Belgian banks and the US will be exempt from a 30 percent surcharge levied by the US on transactions from countries that do not have such an agreement