Under various income tax treaties and other agreements a foreign country may make a treaty request for information about income earned in the U.S. by one of its citizens or residents. Other agreements provide for the automatic exchange of tax information. The IRS has just updated the list of countries with which it has tax information sharing agreements and those with which it has automatic exchange of information agreements regarding interest income.

Section 3 of Rev. Proc. 2016-56 IRS updates the list of countries with which it has Tax Treaties or other agreement that contains a provision relating to the exchange of tax information upon appropriate request. Section 3 of the Rev. Proc. is reproduced below.

SECTION 3. SUPPLEMENT TO SECTION 3 OF REV. PROC. 2014-64
Section 3 of Rev. Proc. 2014-64 is supplemented to read as follows:
The following are the countries with which the United States has in effect an
income tax or other convention or bilateral agreement relating to the exchange of tax
information within the meaning of section 6103(k)(4) pursuant to which the United
States agrees to provide, as well as receive, information and under which the
competent authority is the Secretary of the Treasury or his delegate:

• Antigua & Barbuda
• Aruba
• Australia
• Austria
• Azerbaijan
• Bangladesh
• Barbados
• Belgium
• Bermuda
• Brazil
• British Virgin Islands
• Bulgaria
• Canada
• Cayman Islands
• China
• Colombia
• Costa Rica
• Croatia
• Curacao
• Cyprus
• Czech Republic
• Denmark
• Dominica
• Dominican Republic
• Egypt
• Estonia
• Finland
• France
• Germany
• Gibraltar
• Greece
• Grenada
• Guernsey
• Guyana
• Honduras
• Hong Kong
• Hungary
• Iceland
• India
• Indonesia
• Ireland
• Isle of Man
• 4
• Israel
• Italy
• Jamaica
• Japan
• Jersey
• Kazakhstan
• Korea, Republic of
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malta
• Marshall Islands
• Mauritius
• Mexico
• Monaco
• Morocco
• Netherlands
• Netherlands island territories: Bonaire, Saba, and St. Eustatius
• New Zealand
• Norway
• Pakistan
• Panama
• Peru
• Philippines
• Poland
• Portugal
• Romania
• Russian Federation
• Saint Lucia
• Slovak Republic
• Slovenia
• South Africa
• Spain
• Sri Lanka
• St. Maarten (Dutch part)
• Sweden
• Switzerland
• Thailand
• Trinidad and Tobago
• Tunisia
• Turkey
• Ukraine
• United Kingdom
• Venezuela

Section 4 of the Revenue Procedure updates the list of countries with which the U.S. has in effect provisions for the automatic exchange of information regarding the reporting of interest income. Section 4 of Rev. Proc.

SECTION 4. SUPPLEMENT TO SECTION 4 OF REV. PROC. 2014-64
Section 4 of Rev. Proc. 2014-64, as supplemented by Rev. Proc. 2015-50 and
Rev. Proc. 2016-18, is further supplemented to read as follows:
The following list identifies the countries with which the automatic exchange of
the information collected under §§ 1.6049-4(b)(5) and 1.6049-8 has been determined
by the Treasury Department and the IRS to be appropriate:

• Australia
• Azerbaijan
• Brazil
• Canada
• Czech Republic
• Denmark
• Estonia
• Finland
• France
• Germany
• Gibraltar
• Guernsey
• Hungary
• Iceland
• India
• Ireland
• Isle of Man
• Israel
• Italy
• Jamaica
• Jersey
• Korea, Republic of
• Latvia
• Liechtenstein
• Lithuania
• Luxembourg
• Malta
• Mauritius
• Mexico
• Netherlands
• New Zealand
• Norway
• Poland
• Saint Lucia
• Slovak Republic
• Slovenia
• South Africa
• Spain
• Sweden
• United Kingdom

Citizens or residents of other countries living in the U.S. should be aware of these agreements.

Robert S. Steinberg, Esquire
www.steinbergtaxlaw.com