Signing of the Agreement between AIT and TECRO for Implementation of Tax Compliance Provisions

On December 22, 2016, the American Institute in Taiwan (AIT) and the Taipei Economic and Cultural Representative Office in the United States (TECRO) signed an agreement for cooperation to facilitate the implementation of the Foreign Account Tax Compliance Act (FATCA). AIT and TECRO will facilitate cooperation between the U.S. Department of Treasury and the Internal Revenue Service and Taiwan’s Financial Supervisory Commission. AIT Managing Director John J. Norris Jr. and TECRO Representative Stanley Kao signed the agreement.

For more than three decades, the United States and Taiwan have shared a strong foundation of people-to-people ties under the auspices of AIT and TECRO. The signing marks the culmination of mutual efforts to advance U.S. and Taiwan information sharing for promoting tax compliance and combatting international tax evasion. Welcoming the signing, AIT Managing Director Norris said, “This AIT-TECRO Agreement demonstrates the increasing cooperation between the United States and Taiwan on initiatives of great importance to the U.S. and Taiwan economies and financial institutions, including matters of global significance such as tax compliance on which this Agreement now enables us to work more closely together.” Over the years, AIT and TECRO have cooperated to encourage more interaction between our two societies, and today’s joint statement is the latest reflection of these efforts.