The Authorities of Japan – the Financial Services Agency, the Ministry of Finance and the National Tax Agency – and the US Department of the Treasury have released the "Statement of Mutual Cooperation and Understanding" to improve international tax compliance and facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA).
This Statement clarifies the detail of cooperation between the US Treasury and Japanese authorities.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
It also clarifies the procedures to be taken by Japanese financial institutions regarding implementation of the FATCA, while reducing burdens on Japanese financial institutions.
This is in line with the joint statement from the US and Japan regarding a framework for intergovernmental cooperation to facilitate the implementation of FATCA and improve international tax compliance, released on 21 June 2012.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
