Amidst ongoing negotiations between the US and foreign governments to increase taxpayer compliance abroad, Switzerland became the eighth country to sign a Foreign Account Tax Compliance Agreement (FATCA) on Feb . 13, 2013, joining: Italy, Norway, the U.K., Denmark, Ireland, Mexico and Spain. The Swiss are known for their banking secrecy and as being a “tax haven,”making the signing a huge step towards the Internal Revenue Service’s (IRS) goal of increasing tax compliance abroad.
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