NAFTA Implementation Law Gives Customs Access to Tax Information While U.S. Defers Ratification of Israeli Tax Treaty Pending Assurances of Access to Bank Information

Two developments show heightened attention to tax information exchanges. Sec. 522 of the North American Free Trade Agreement Law adopts a proposal made on October 28, 1993 by Office of Management and Budget Director Leon E. Panetta to give access for tax information to the Customs Service. Meanwhile the U.S. Treasury announced that the Senate adopted its recommendation to defer recommending ratification of the proposed protocol to the Israeli-U.S. tax treaty pending assurances from the Israeli Government that the U.S. Government will have access to bank account information in Israel…[more]