Financial Transparency Coalition

Statement by President Barack Obama on House and Senate Introducing Legislation to Crack Down on Overseas Tax Havens

WASHINGTON – The U.S. Department of the Treasury today released the following statement from Secretary Tim Geithner on the introduction of the Foreign Account Tax Compliance Act of 2009:

Washington, D.C. – Senate Finance Committee Chairman Max Baucus (D?Mont.), House Ways and Means Committee Chairman Charles Rangel (D?NY), senior Senate Finance Committee member John Kerry (D?MA) and Ways and Means Select Revenue Subcommittee Chairman Richard Neal (D?MA) today unveiled a comprehensive proposal to clamp down on tax evasion and improve taxpayer compliance by giving the IRS new administrative tools to detect, deter and discourage offshore tax abuses.

Today, the US and Swiss Governments formally signed the "Protocol Amending The Convention Between The Swiss Confederation And The United States Of America For The Avoidance Of Double Taxation With Respect To Taxes On Income, Signed At Washington On October 2, 1996." Attached is the text of the protocol, and below are notes from the US and notes from the Swiss clarifying certain points.