Swiss government opens consultations on U.S. tax data agreement

March 7 (Reuters) - The Swiss government said on Friday it has opened consultations about a new Foreign Account Tax Compliance Act (FATCA) agreement that it has with the United States.

"In the future, Switzerland should no longer provide information on financial accounts to the United States on a unilateral basis, but instead also receive information from the United States as part of an automatic exchange of information," said the government in a statement.

FATCA requires financial institutions outside the United States to disclose information on U.S. accounts to the Internal Revenue Service or levy a tax.

The consultations will last until June 14.