GOVERNMENT: Approves Signing Agreement with U.S., Regarding Implementation of FATCA
The government decided to initiate the procedure for the signing of a bilateral agreement with the United States on the implementation of the Foreign Account Tax Compliance Act (FATCA). The goal of the future agreement is to reduce the prevalence of tax evasion.
Croatia and the U.S. have not signed an agreement on the avoidance of double taxation with regard to income tax and property tax. Hence, there is no legal basis for the exchange of tax information between the two countries.
If signed, the aforementioned agreement will enable the exchange of data on tax accounts that Croatian taxpayers have in the U.S., and vice versa…