Georgia has signed an inter-governmental agreement (IGA) with the US for the implementation of the Foreign Account Tax Compliance Act (FATCA).
Under the accord, Georgia will automatically report information on US account holders in Georgia to the US Internal Revenue Service (IRS) to combat tax evasion, reported Agenda.ge.
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The agreement was signed by Georgia’s finance minister Nodar Khaduri and US Ambassador to Georgia Richard Norland.
Khaduri said: "Georgia joined those 80 countries who have already signed this agreement with US. Georgian banks were waiting for the day when Georgia would sign the document. This document enables Georgian banks to operate on US market through the US bank’s effort."
