Israel Latest Country to Sign Tax-Evasion Agreement With U.S.
Deal Allows U.S. to Enforce its Foreign Account Tax Compliance Act, or FACTA
JERUSALEM—Israel has joined 80 other countries in signing an agreement with the U.S. government on fighting offshore tax evasion, the Israeli finance ministry said Wednesday.
According to the agreement, Israel’s tax authority will submit information on local bank accounts and other financial assets held by U.S. citizens to the Internal Revenue Service. In exchange the IRS will report information about Israeli citizens’ U.S.-based.