SIGNING OF THE AGREEMENT
BETWEEN THE HOLY SEE,
ACTING ALSO IN THE NAME AND ON BEHALF OF THE VATICAN CITY STATE,
AND THE UNITED STATES OF AMERICA
TO IMPROVE INTERNATIONAL TAX COMPLIANCE AND TO IMPLEMENT
THE UNITED STATES' FOREIGN ACCOUNT TAX COMPLIANCE ACT (FATCA)
Joint Press Release
The Holy See and the United States Sign an Agreement to Fight Tax Evasion.
June 10, 2015 – Today, the Holy See’s Secretary for Relations with States, Archbishop
Paul Gallagher, and the U.S. Ambassador to the Holy See, Kenneth F. Hackett,
signed an historic agreement between the Holy See (acting also in the name and
on behalf of the Vatican City State) and the United States of America to improve
international tax compliance and exchange of tax information in view of the U.S.
Foreign Account Tax Compliance Act (FATCA).
This agreement – which is the first formal inter-governmental agreement between
the Holy See and the United States – underscores the commitment of both parties
to promote and ensure ethical behavior in the financial and economic fields. In
particular, this agreement will prevent tax evasion and facilitate the
compliance of fiscal duties by those U.S. Citizens who conduct financial
activities in Vatican City State.
Ensuring the payment of taxes and preventing tax evasion are of crucial economic importance for every community since adequate tax revenues and
public spending are indispensable for governments to become instruments of
development and solidarity, to encourage employment growth, to sustain business and charitable activities, and
to provide systems of social insurance and assistance designed to protect the
weakest members of society.
In a context of economic globalization, it is therefore essential to strengthen
the exchange of information with the view to prevent tax evasion. The present
agreement is thus based on the most up-to-date global standards to curtail
offshore tax evasion through the automatic exchange of tax information.