governments have agreed to add regulations under section 10 of the legislation for the obtaining of information.

The regulations will more clearly define how information may be extracted from US citizens who are targeted by the US tax authorities.

Finance Minister Grant Gibbons said: "Under the original legislation, there was the ability to make regulations for the obtaining of information in relation to tax matters.

"In essence, these regulations are following through on that. Up to now, it has been carried out by the US authorities making a request to the Finance Minister, who then assures himself that it is a reasonable request.

"We are now setting up more definitive procedures. There is a provision for an examiner who can be appointed by the Minister and a procedure for the taking of depositions either through an examination process or a document process.

"It allows a report to be made by the examiner and there is a provision for a court opinion if there is controversy over whether or not the information can be provided.''