EU members will pursue their own FATCA

France, Germany, the U.K., Italy and Spain plan to establish a pilot program under which their tax administrations will automatically exchange information. The exchange will be based on the U.S. Foreign Account Tax Compliance Act, which, starting in 2014, will require financial institutions worldwide to report to the U.S. tax administration most transactions on accounts held by those considered U.S. persons for tax reasons.

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