Page:United States Statutes at Large Volume 97.djvu/428

 97 STAT. 396 PUBLIC LAW 98-67—AUG. 5, 1983 "North "(A) IN GENERAL.— For purposes of this subsection, the American area. term 'North American area' includes, with respect to any convention, seminar, or similar meeting, any beneficiary country if (as of the time such meeting begins)— "(i) there is in effect a bilateral or multilateral agree- ment described in subparagraph (C) between such coun- try and the United States providing for the exchange of information between the United States and such coun- try, and "(ii) there is not in effect a finding by the Secretary that the tax laws of such country discriminate against conventions held in the United States. "(B) BENEFICIARY COUNTRY. —For purposes of this para- graph, the term 'beneficiary country' has the meaning given to such term by section 212(a)(1)(A) of the Caribbean Ante, p. 384. Basin Economic Recovery Act; except that such term shall include Bermuda. " (C) AUTHORITY TO CONCLUDE EXCHANGE OF INFORMATION AGREEMENTS.— "(i) IN GENERAL.— The Secretary is authorized to negotiate and conclude an agreement for the exchange of information with any beneficiary country. Except as provided in clause (ii), an exchange of information agreement shall provide for the exchange of such infor- mation (not limited to information concerning nation- als or residents of the United States or the beneficiary country) as may be necessary or appropriate to carry out and enforce the tax laws of the United States and the beneficiary country (whether criminal or civil pro- ceedings), including information which may otherwise be subject to nondisclosure provisions of the local law of the beneficiary country such as provisions respecting bank secrecy and bearer shares. The exchange of infor- mation agreement shall be terminable by either country on reasonable notice and shall provide that information received by either country will be disclosed only to persons or authorities (including courts and administrative bodies) involved in the administration or oversight of, or in the determination of appeals in respect of, taxes of the United States or the beneficiary country and will be used by such persons or authorities only for such purposes. "(ii) NONDISCLOSURE OF QUALIFIED CONFIDENTIAL INFORMATION SOUGHT FOR CIVIL TAX PURPOSES. —An exchange of information agreement need not provide for the exchange of qualified confidential information which is sought only for civil tax purposes if— "(I) the Secretary of the Treasury, after making all reasonable efforts to negotiate an agreement which includes the exchange of such information, determines that such an agreement cannot be negotiated but that the agreement which was nego- tiated will significantly assist in the administra- tion and enforcement of the tax laws of the United States, and

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