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Croatia, US sign agreement on preventing tax evasion

Xinhua, March 21, 2015 Adjust font size:

Croatia and the United States signed a bilateral agreement on preventing tax fraud and evasions here on Friday.

The agreement of application of the Foreign Account Tax Compliance Act (FATCA) concerning accounts in foreign financial institutions was signed aiming at increasing international cooperation in combating tax evasion, Croatian Finance ministry said in a statement.

Under the FATCA agreement between both countries, financial institutions in Croatia are required to submit to the Croatian Tax Authority information on accounts held by U.S. nationals in Croatia, while in turn will send such information to the U.S. Internal Revenue Service (IRS). Conversely, the IRS will inform the Croatian Tax Authority about Croatian owners of accounts in the U.S..

Meanwhile the ministry said that besides FATCA, Croatia would adopt a similar global standard set by the Organisation for Economic Co-operation and Development (OECD), enabling automatic exchange of information on financial accounts between EU member states and other countries signatories as well.

The agreement was signed by Croatian Finance Minister Boris Lalovac and U.S. Ambassador Kenneth Merten. Endit