· Between the Holy See and the United States of America ·
“To promote and ensure ethical behavior in the financial and economic fields” in order “to prevent tax evasion and facilitate the compliance of fiscal duties by those U.S. citizens who conduct financial activities in Vatican City State”.
This is the aim of the historic agreement signed today by the Holy See and the United States. It is the first formal intergovernmental agreement of its kind between the two states. On behalf of the Holy See, Archbishop Paul Richard Gallagher, Secretary for Relations with States, delivered an address at the ceremony for the signing of the agreement. There he called the agreement “a further step in the Holy See’s long-term strategy to ensure and promote legality, transparency and ethical behavior in the economic and financial fields”. For his part, the U.S. Ambassador to the Holy See, Kenneth F. Hackett, stated that the agreement is “a significant step in both the United States and Holy See’s efforts to work collaboratively toward a global standard to combat offshore tax evasion”. Mutual commitment aimed at working together “to detect, deter, and discourage offshore tax abuses through increased transparency and enhanced reporting” is essential, he said.
Agreement between the Holy See, Acting Also in the Name and on Behalf of the Vatican City State, and the United States of America to Improve International Tax Compliance and to Implement the United States’ Foreign Account Tax Compliance Act (“FATCA”) 10.06.2015
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