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Daily Tax Report: International

U.S. Won’t Be Included in EU’s List of Tax Haven Countries

Sept. 30, 2019, 7:19 PM

The European Union won’t list the U.S. as a tax haven because the country meets its criteria for ensuring automatic information exchange of bank account details.

EU member countries have decided that the U.S. Foreign Account Tax Compliance Act as well as U.S. bilateral double tax treaties with all but one EU member country are enough to meet EU transparency criteria on exchange of bank information among tax authorities, according to documents reviewed by Bloomberg Tax. The decision has been made by the Code of Conduct Group for Business Taxation in the EU Council of Ministers.

FATCA generally requires foreign...

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