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arbitrary, and given the large disparities between theSwiss cantons in terms of the tax rates applied. TheSPBA therefore advocates instead that the amountof tax evaded should be used as a qualifying element.SpainSpain's Finance Minister Cristóbal Montoro andUS Ambassador to Spain Alan Solomont have recentlysigned an agreement between Spain and theUS, designed to improve international fiscal complianceand implementing FATCA.Approved at the end of last year, the accord betweenSpain and the US is reciprocal, providing that financialinstitutions in both countries must provide theirtax authorities with information relating to taxpayersof the other signatory state. This information willsubsequently be exchanged automatically betweenthe tax authorities through a standardized procedure.Defending the treaty, the Spanish Finance Ministryhighlighted the fact that "the agreement constitutesa milestone in the exchange of tax information atan international level, by laying the foundationsfor a new automatic, recurrent and standardizedframework of international information exchange."Th e Ministry stated: "In a context of economicand financial globalization, and with the proliferationof transactions involving goods and servicesbetween countries, it is essential to strengthen theexchange of information and administrative assistancebetween states and increase efforts in thefight against tax havens."It added: "In this regard, efforts by tax authoritiesin both countries is important for increasing internationalpressure on tax havens through a networkof agreements on the exchange of information inline with international efforts being made with theother OECD countries."Spain, the UK, Germany, France, and Italy aim toensure that the model agreed with the US is adoptedmultilaterally by a majority of countries inorder to thus strengthen efforts against tax fraudand so-called "tax havens."The ministers therefore sent a letter to the EuropeanCommissioner for Taxation, Algirdas Šemeta, announcingplans to work together on a pilot schemefor the multilateral exchange of tax informationbetween the five countries, based on the FATCAmodel, having invited the other European Unionmember states to participate.The launch of such an initiative is intended to enableEurope and the US to spearhead the promotionof a global system of automatic informationexchange.New ZealandLast October, New Zealand announced its intentionto lodge an expression of interest in negotiating aFATCA intergovernmental agreement with the US.At the time, Revenue Minister Peter Dunne saidthat a deal would materially reduce FATCA compliance,and mean that financial institutions wouldnot have to provide information directly to the IRS.18