Dutch, U.S. sign tax data exchange deal

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The Netherlands and United States have signed an agreement to allow automatic tax data exchange between the tax authorities of both countries.

Signing of the agreement FATCA / Photo: Ministry of Finance - NL Goveronment

The agreement underscores the cooperation between the Netherlands and the U.S. in fighting against tax evasion and black saving, according to a by Dutch Ministry of Finance.

The agreement is known as Foreign Account Tax Compliance Act (FATCA). It is designed to combat tax evasion and black saving by U.S. individuals and businesses.

The tax data exchange program will start in September 2015.