On 28 May the Agreement between the United States of America and Romania (“the Agreement”) to improve international tax compliance and to implement the Foreign Account Tax Compliance Act (“FATCA”) regime was signed at the Romanian Ministry of Finance.
The Agreement is listed as following the Reciprocal 1A Model Agreement, which involves a reciprocal automatic exchange of information between the tax authorities of the two states, with the reporting information being sent by financial institutions through the relevant tax authority (Agentia Nationala de Administrare Fiscala – ANAF- in Romania).
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