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Slovak president signs agreement on tax information exchange with U.S.

Xinhua, November 5, 2015 Adjust font size:

Slovak President Andrej Kiska signed an agreement on Wednesday between Slovakia and the United States on the mutual exchange of tax information.

The agreement was made under the framework of the Foreign Account Tax Compliance Act (FATCA) and included closer observance of international tax regulations.

The aim of the FATCA is to review the incomes of Americans abroad and to prevent tax evasion. Banks and other financial institutions outside U.S. territory are obliged to provide information on the accounts of American citizens.

Based on the FATCA, Slovakia will provide requested data at regular intervals to a corresponding U.S. agency.

"As it's an agreement on a reciprocal basis, similar data about Slovak residents in the United States will be provided to Slovakia," stated the Slovak Finance Ministry, which worked alongside its American counterpart on drawing up the agreement. Endit