InterGovernmental Agreement – Under FATCA, the US has entered into over 100 IGAs. There are two flavours of IGA. Under Model 1 the foreign financial institutions (FFIs) report data to their local tax agency who forwards it on to the IRS. Under Model 2 the FFIs report directly to the IRS.
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Let's Fix the Australia/US Tax Treaty!
The Australia/US tax treaty needs urgent revision to prevent double taxation