Photo from the archives
The US Ambassador Allan Mustard and Turkmenistan’s Minister of Finance Gochmyrat Myradov signed an Intergovernmental Agreement (IGA) to implement the provisions of the Foreign Account Tax Compliance Act (FATCA), the US Embassy in Ashgabat reports.
“The automatic exchange of financial account information for tax purposes has become the global standard in the effort to curtail offshore tax evasion.The United States enacted FATCA in 2010 to combat offshore tax evasion by encouraging transparency and information exchanges on financial accounts held by U.S.
taxpayers in other jurisdictions.The United States has intergovernmental agreements to implement FATCA with more than 113 jurisdictions”, the website of diplomatic mission reports.