US adds Algeria to its FATCA list
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The US ambassador to Algiers Joan Polaschik and the Algerian finance minister Abderrahmane Benkhalfa signed a governmental agreement for the implementation of the Foreign Account Tax Compliance Act (FATCA). This is meant to enhance transparency in financial accounts between the US and Algeria in fiscal issues.
The ambassador Tuesday said the agreement is an important step in cooperation between the two countries to face tax evasion abroad.
“We do not just prevent fiscal violations but we build a stronger and more stable world financial system in favor of our countries,” she said in a release.
FATCA was promulgated by the US in 2010 in order to face tax evasion abroad. It obliges banks situated out of the US to give information about American tax payers’ account.
The US signed governmental agreements with 57 judicial authorities. Algeria is the first North African country which signed FATCA.
