• Angola - United States
    FATCA Agreement Signed

    12-11-2015

    On 9 November 2015, Angola and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement.

    FATCA seeks to obtain information on accounts held by U.S. taxpayers in other countries. It requires U.S. financial institutions to withhold a portion of certain payments made to Foreign Financial Institutions (FFIs) who do not agree to identify and report information on U.S. account holders. Governments have the option of permitting their FFIs to enter into agreements directly with the IRS to comply with FATCA under U.S. Treasury Regulations or to implement FATCA by entering into one of two alternative Model IGAs with the United States.

    More specifically, Angola and the United States signed a Model 1 Agreement. Under this agreement, FFIs in Angola will report the information required under FATCA about U.S. accounts to the Angolan Government, which in turn will report the information to the IRS. This agreement is reciprocal, meaning that the United States will also provide similar tax information to the Angolan Government regarding individuals and entities from Angola with accounts in the United States.

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