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IRS Revises List of Qualifying Countries for Automatic Exchange of Information

In a Rev Proc 2016-56,2016-51 IRB, the IRS has updated two lists of countries with which the U.S. has in effect an agreement that requires payors to report certain deposit interest paid to nonresident alien individuals who are residents of the other country under Reg. § 1.6049-8(a) and Reg. § 1.6049-4(b)(5).
One list is of countries with which the U.S. has in effect an income tax or other treaty or a bilateral agreement and the other is of countries with which IRS has determined that an automatic exchange of information is appropriate. 

The following are the countries with which the United States has in effect an income tax or other convention or bilateral agreement relating to the exchange of tax information within the meaning of section 6103(k)(4) pursuant to which the United States agrees to provide, as well as receive, information and under which the competent authority is the Secretary of the Treasury or his delegate:

  1. Antigua & Barbuda
  2. Aruba
  3. Australia
  4. Austria
  5. Azerbaijan
  6. Bangladesh
  7. Barbados
  8. Belgium
  9. Bermuda
  10. Brazil
  11. British Virgin Islands
  12. Bulgaria
  13. Canada
  14. Cayman Islands
  15. China
  16. Colombia
  17. Costa Rica
  18. Croatia
  19. Curacao
  20. Cyprus
  21. Czech Republic
  22. Denmark
  23. Dominica
  24. Dominican Republic
  25. Egypt
  26. Estonia
  27. Finland
  28. France
  29. Germany
  30. Gibraltar
  31. Greece
  32. Grenada
  33. Guernsey
  34. Guyana
  35. Honduras
  36. Hong Kong
  37. Hungary
  38. Iceland
  39. India
  40. Indonesia
  41. Ireland
  42. Isle of Man
  43. Israel
  44. Jamaica
  45. Jersey
  46. Korea, Republic of
  47. Latvia
  48. Liechtenstein
  49. Lithuania
  50. Luxembourg
  51. Malta
  52. Mauritius
  53. Mexico
  54. Netherlands
  55. New Zealand
  56. Norway
  57. Poland
  58. Saint Lucia 
  59. Slovak Republic
  60. Slovenia
  61. South Africa
  62. Spain
  63. Sweden
  64. United Kingdom

 Do You Have Undeclared Income 
From A Foreign Bank
Organized in 1 of These Countries?


 Want to Know if the OVDP Program is Right for You?

Contact the Tax Lawyers at 
Marini& Associates, P.A.  
for a FREE Tax Consultation
Toll Free at 888-8TaxAid (888) 882-9243








Read more at: Tax Times blog

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