The US government has inked Competent Authority Arrangements (CAA) with Australia and the UK in accordance with the FATCA Intergovernmental Agreements (IGAs).
Australia and the UK signed Model 1 IGAs with the US Treasury Department in 2014 and 2012 respectively to improve international tax compliance and to implement FATCA.
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The FATCA deal requires foreign financial organizations to provide details of US account-holders to their central authority, which will be passed on to the US Internal Revenue Service (IRS).
The CAA deal puts into effect procedures to automatically exchange financial account information agreed under the FATCA accord.
IRS Commissioner John Koskinen said: "The signing of these Competent Authority Arrangements marks another significant milestone in the international effort to gain proper reporting of offshore accounts and income.
"Together in partnership with other tax authorities, we are demonstrating how far we have come in the fight against offshore tax evasion," Koskinen added.
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