(MENAFN) The governments of Bahrain and the U.S. have inked a deal to enhance international tax compliance and implement the Foreign Account Tax Compliance (Fatca).
Additionally, the signing aims to ensure the compliance of Bahrain financial institutions with Fatca and reflects the keenness of the government to offer all important needs.
Moreover, the deal applies to U.S. citizens only and will be submitted to the legislative authority for approval according to standard procedures.
The U.S. has inked similar deals with many nations to confirm the implementation of Fatca, which was issued in 2010 to combat tax evasion.
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