OREANDA-NEWS. November 28, 2014. According to the press service of the U.S. Embassy in Moldova, the Extraordinary and Plenipotentiary Ambassador William Moser and Minister of Finance of the Republic Anatolie Arapu signed the intergovernmental agreement on implementation of the provisions of the Law on foreign account tax FATCA (Foreign Account Tax Compliance Act) with the aim of ensuring fiscal transparency between the both states.

This agreement expands international cooperation in the field of taxation and combating tax evasion. The document stipulates that financial institutions of Moldova will provide information about the bank accounts of U.S. taxpayers directly to the US Tax Inspection. It is noted that FATCA is becoming the global standard in the field of combating tax evasion from the offshore companies.

 In accordance with the FATCA requirements, foreign financial institutions annually provide to the tax inspection directly or indirectly, through their governments, information about the financial accounts of all American taxpayers. In case of failure to submit this information the taxpayers will pay income tax in the amount of 30%. To date the USA has signed 47 such intergovernmental agreements.