SPAIN, UK, FRANCE, GERMANY AND IRELAND ANNOUNCE GREATER…

SPAIN, UK, FRANCE, GERMANY AND IRELAND ANNOUNCE GREATER COOPERATION AND EXCHANGE OF TAX INFORMATION.

The Spanish tax authorities and the US ambassador in Spain recently signed an agreement which brings them into line with other FATCA signatories.

This agreement formally comes into place on the 1st January 2015 but collection of information has already started for 2013, and it’s expected that the same will happen in 2014.

Spain and the US have in addition agreed to mandate their financial institutions to exchange information by automatic electronic means. Penalties for non-compliance will be 30%., and will be administered by way of withholdings.

Britain has in addition agreed to provide the above mentioned countries with details regarding the Isle of Man, Jersey and Guernsey.