The Commission welcomes the USA’s acceptance of an government-to-government approach to tackling tax evaders and implementing the US Foreign Account Tax Compliance Act (FATCA).This more business-friendly arrangement for EU financial institutions is the result of intense discussions with the USA, following a letter sent by the Commission and EU Presidency to the US tax authorities in April 2011 (see
IP/11/413
).Algirdas Šemeta, EU Commissioner for Taxation said: „The EU and USA share a strong objective: to tackle trans-border tax evasion and ensure national treasuries can collect what they are due. I am confident that this new development will pave the way to achieve this in a business friendly manner.”