IRS Lists Countries With Which it Shares Certain Tax Information (4/3/16)

There are many complaints that the IRS is itself a tax haven calling out other countries for being tax havens.  Those other country tax havens are not pleased, particularly the Swiss who have already paid large financial costs for their U.S. tax misbehavior.  So, as a recent article notes, it is somewhat ironic that the Swiss banks complain of U.S. lack of transparency after catching them assisting U.S. taxpayers raid the U.S. fisc and sharing in the ill-gotten booty.  See Matt Phillips, Unfamiliar with irony, Swiss bankers are complaining of a “lack of transparency” (Quartz 3/30/16), here.

But, as to the general lack of transparency, I have noted earlier the IRS desire to adopt the Common Reporting Standard ("CRS").  See Commissioner Koskinen Calls On Congress to Adopt Common Reporting Standard (Federal Tax Crimes Blog 3/15/16), here.  Although not the CRS, the IRS does have significant sharing with foreign countries.  The IRS just released Rev. Proc. 2012-24, 2012-20 IRB 913, here.

I quote Sections 3 & 4 of the Rev. Proc.:

SECTION 3. COUNTRIES OF RESIDENCE WITH RESPECT TO WHICH THE
REPORTING REQUIREMENT APPLIES 

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
Poland
Portugal
Romania
Russian Federation
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. COUNTRIES WITH WHICH TREASURY AND THE IRS HAVE DETERMINED THAT AUTOMATIC EXCHANGE OF DEPOSIT INTEREST INFORMATION IS APPROPRIATE 

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
Canada
Denmark
Finland
France
Germany
Guernsey
Ireland
Isle of Man
Italy
Jersey
Malta
Mauritius
Mexico
Netherlands
Norway
Spain
United Kingdom