Foreign Account Tax Compliance Act

Not to be confused with the Fair and Accurate Credit Transactions Act.
Foreign Account Tax Compliance Act
Great Seal of the United States
Acronyms (colloquial) FATCA
Enacted by the 111th United States Congress
Effective March 18, 2010 (26 USC § 6038D); December 31, 2012 (26 USC §§ 1471-1474)
Citations
Public law 111-147
Statutes at Large 124 Stat. 71, 97-117
Codification
Titles amended 26
U.S.C. sections created 26 U.S.C. §§ 1471–1474, § 6038D
U.S.C. sections amended 26 U.S.C. § 163, § 643, § 679, § 871, § 1291, § 1298, § 4701, § 6011, § 6501, § 6662, § 6677
Legislative history
  • Introduced in the House and Senate as Foreign Account Tax Compliance Act of 2009 (S. 1934, H.R. 3933) by Max Baucus (D–Montana); Charles Rangel (D–NY-13) on October 27, 2009
  • Committee consideration by Senate Finance, House Ways and Means
  • Passed the Senate on February 24, 2010 (70-28)
  • Passed the House as the Hiring Incentives to Restore Employment Act, Title V, Subtitle A on March 4, 2010 (217-201) with amendment
  • Senate agreed to House amendment on March 17, 2010 (68-29)
  • Signed into law by President Barack Obama on March 18, 2010

The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law to enforce the requirement for United States persons including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts to the Financial Crimes Enforcement Network (FINCEN). It requires all non-U.S. (foreign) financial institutions (FFIs) to search their records for indicia indicating U.S. person-status and to report the assets and identities of such persons to the U.S. Department of the Treasury.[1] The FATCA was the revenue-raising portion of the 2010 domestic jobs stimulus bill, the Hiring Incentives to Restore Employment (HIRE) Act,[2][3] and was enacted as Subtitle A (sections 501 through 541) of Title V of that law.

Background

FATCA was reportedly enacted for the purpose of detecting the non-U.S. financial accounts of U.S. domestic taxpayers rather than to identify non-resident U.S. citizens and enforce collections.[4] There might be thousands of resident U.S. citizens with non-U.S. assets, such as astute investors, dual citizens, or legal immigrants.[5] FATCA was enacted with the purpose of having non-U.S. financial institutions identify approximately 8.7 million U.S. citizens[6] believed to reside outside of the United States and those persons believed to be U.S. persons for tax purposes.[7][8] FATCA will also be used to help identify non-U.S. person family members and business partners who share accounts with U.S. persons. Another benefit of FATCA is that U.S.-person signatories of accounts will be identified. This feature allows the reporting of the assets of non-U.S. corporations, volunteer organizations, and any other non-U.S. entity where a U.S.-person can be identified.

FATCA is used to locate U.S. citizens (usually non-U.S. residents but also U.S. residents) and "U.S. persons for tax purposes" and to collect and store information including total asset value and social security number. The law is used to detect assets, rather than income. The law does not include a provision imposing any tax. In the law, financial institutions would report the information they gather to the U.S. Internal Revenue Service (IRS). As implemented by the intergovernmental agreements (IGAs) (discussed below) with many countries, each financial institution will send the U.S.-person's data to the local government first. For example, according to Ukraine's IGA, the U.S.-person data will be sent to U.S. via the Ukrainian government. Alternatively, in a non-IGA country, such as North Korea, only the North Korean bank will store the U.S.-person data and will send it directly to the IRS.

FATCA is used by government personnel to detect indicia of U.S. persons and their assets and to enable cross-checking where assets have been self-reported by individuals. FATCA data is used to crosscheck a U.S. person's self-reported data at the Financial Crimes Enforcement Network (FINCEN). U.S. persons, regardless of residence location and regardless of dual citizenships, are required to have self-reported their non-U.S. assets to FINCEN on an annual basis.[9] According to qualification criteria, individuals are also required to report this information on IRS information-reporting form 8938. FATCA will allow detection of persons who have not self-reported, enabling collection of large penalties.[9] FATCA allows government personnel to locate U.S. persons not living in the United States, so as to assess U.S. tax or penalties.

Under FATCA, non-U.S. (foreign) financial institutions (FFI's) are required to report asset and identify information related to suspected U.S. persons using their financial institutions.[10]

Under U.S. tax law, U.S. persons (regardless of country of residence) are generally required to report and pay U.S. federal income tax on income from all sources.[11] For example, Eritrea also taxes its non-resident citizens, although it states[12] that the tax is voluntary. The U.S. is unique in taxing not only non-resident citizens but also non-resident "U.S. Persons for Tax Purposes". The law requires U.S. citizens living abroad to pay U.S. taxes on foreign income if the foreign tax should be less than U.S. tax ("taxing up"), independently within each category of earned income and passive income.[13][14][15] For this reason, the increased reporting requirements of FATCA have had extensive implications for U.S. citizens living abroad. Taxpayer identification numbers and source withholding are also now used to enforce asset reporting requirements upon non-resident U.S. citizens. For example, mandatory withholding can be required via FATCA when a U.S. payor cannot confirm the non-U.S. status of a foreign payee.[16]

The IRS previously instituted a qualified intermediary (QI) program under Internal Revenue Code § 1441,[17] which required participating foreign financial institutions to maintain records of the U.S. or foreign status of their account holders and to report income and withhold taxes.[18] One report included a statement of a finding that participation in the QI program was too low to have a substantive impact as an enforcement measure and was prone to abuse.[19] An illustration of the weakness in the QI program was that UBS, a Swiss bank, had registered as a QI with the IRS in 2001 and was later forced to settle in the UBS tax evasion controversy with the U.S. Government for $780 million in 2009 over claims that it fraudulently concealed information on its U.S. person account holders.[19] Non-resident U.S. citizens' required self-reporting of their local assets was also found to be relatively ineffective.[20]

The Hiring Incentives to Restore Employment Act (of which FATCA is a part) was passed on party lines: It narrowly passed the House, with no Republican members voting "yes"[21] and passed the Senate with only one Democrat member voting "no".[22] President Obama (D) signed the bill into law.[23]

Senator Levin (D-MI) has stated that the U.S. Treasury loses as much as 100 billion USD annually to "offshore tax non-compliance" without stating the source of the data.[3][24] (Another source stated 40-70 billion USD without citing the source). Accurate figures on unreported income have not been supported.[25] On March 4, 2009 the IRS Commissioner Charles Shulman testified before the Subcommittee that there is no credible estimate of lost tax revenue from offshore tax abuse.[26]

Supplementing the reporting regimes already in place was stated by Senator Max Baucus (D-MT) to be a means of acquiring more financial data and raising government revenue.[27] After committee deliberation, Sen. Max Baucus and Rep. Charles Rangel (D-NY) introduced the Foreign Account Tax Compliance Act of 2009 to Congress on October 27, 2009. It was later added to an appropriations bill as an amendment, sponsored by Sen. Harry Reid (D-NV), which also renamed the bill the HIRE Act.[28] The bill was signed into law by President Obama on March 18, 2010.

A legal challenge against the constitutionality of FATCA, its IGA's, and FBAR reporting requirements was filed in a federal district court in Ohio on July 14, 2015 (see below). The case is Crawford v. U.S. Department of Treasury.[29] Arguments for an injunction against the FATCA Intergovernmental agreements were held on Sept 4, 2015.

Provisions

FATCA has these main provisions:

These reporting requirements are in addition to the requirement for all U.S. persons for reporting of non-U.S. financial accounts to the U.S. Financial Crimes Enforcement Network (FinCEN);[45] this most notably includes Form 114, "Report of Foreign Bank and Financial Accounts" (FBAR) for foreign financial accounts exceeding US$10,000 required under Bank Secrecy Act regulations issued by the Financial Crimes Enforcement Network .[46]

FATCA Indicia

Banks which are performing functions according to FATCA law will be searching according to FATCA indicia, which include:[47][48]

Revenue and cost

There are varying estimates of the revenues gained and likely cost of implementing the legislation.

Revenue

With implementation, FATCA was estimated by the United States Congress Joint Committee on Taxation to produce approximately $8.7 billion in additional tax revenue over 11 years (average $792 million a year).[49] A later analysis from Texas A&M includes an estimate that revenues would be less than $250 million USD per year ($2.5 billion USD total).[26] (Gravelle stated this to be small relative to his own estimate of $40 billion per year cost of international tax evasion.)[50]:36 "The actual annual tax revenue generated since 2009 from offshore voluntary disclosure initiatives and from prosecutions of individual’s tax evasion is running significantly lower than the JCT’s estimated annual average, at less than $400 million, and will probably result in less than that over the decade 2010 to 2020."[26] Recently, a calculation showed that $771 million of tax revenue loss from U.S. banks could nearly nullify the reported revenue gain reported by the Joint Committee.[51]

Implementation cost

The estimates of the costs to be incurred in the private sector, by the IRS, and by foreign revenue authorities are less precise. "FATCA as detailed today will bring huge implementation & processing costs and effort. This cost might have to be borne by investors & account holders. Industry members estimated increase of cost per account around USD 20-50, which is still to be proven, but does not seem unrealistic."[52] "FATCA requires major initial investment within an institution, estimated at $25,000 for smaller institutions, to $100,000 to $500,000 for most institutions and $1 million for larger firms. While a boon for the financial consultancy and IT industry, it is an extra cost that institutions would rather not have."[53]

The same analysis showed that costs without the IGA would be A$477M for implementation, and A$58.8M for each year of maintenance. Over 10 years, this totals A$1.066bn, which would have been A$44.40 per capita, A$81.10 per customer, A$13,800 per resident U.S. citizen, or A$25,600 per U.S.-person account. This is the only published non-IGA country cost estimation identified. Without an IGA, the estimated FATCA cost per FFI is A$291,000.

Australia only succeeded to locate only 30,000 of those US citizens (72% effectiveness) in its first FATCA submission to USA. It was determined that each located U.S. citizen bank account averaged A$160,000.[61][62]

With 9,784,445 inhabitants and 17,000 resident U.S. citizens, the Swedish government cost is 777 SEK per capita, 447,700 SEK per resident US-citizen resident and 937 SEK per adult Swedish account, or an astounding 539,984 SEK per adult resident U.S.-person account.

Criticism

Certain aspects of FATCA have been a source of controversy in the financial and general press.[81] The Deputy Assistant Secretary for International Tax Affairs at the U.S. Department of the Treasury stated in September 2013 that the controversies were incorrect (myths).[82] The controversy primarily relates to several central issues:

Opposition

Republican National Committee

On January 24, 2014, the Republican National Committee passed a resolution calling for the repeal of FATCA.[168]

American expatriates

American Citizens Abroad, Inc., (ACA) a not-for-profit organization claiming to represent the interests of the millions of Americans residing outside the United States, asserts that one of FATCA's problems is citizenship-based taxation (CBT). Originally ACA called for the U.S. to institute residence-based taxation (RBT) to bring the United States in line with all other OECD countries.[169] Later in 2014 two ACA directors commented on the situation of Boris Johnson.[170] In 2015, ACA decided on a more refined stance.[171]

In March 2015 the United States Senate Committee on Finance sought public submissions to a number of Tax Reform Working Groups.[172] Over 70 percent of all submissions to the International Taxation Working Group[173] and close to half of all submissions to the Individual Taxation Working Group[174] came from individual U.S. expatriates, many citing specific consequences of FATCA in their countries of residence, and nearly all calling both for residence-based taxation and the repeal of FATCA.

Legal challenge

As reported in the Washington Times,[175] a legal challenge has been launched by attorney James Bopp. The suit is backed by a group called Republicans Overseas (RO), based on the assertion that FATCA violates the Senate's power with respect to treaties, an 8th Amendment Excessive Fines claim, and a 4th Amendment Search and Seizure claim.[176][177] Kentucky Sen. Rand Paul is among the individuals suing the U.S. Treasury and the Internal Revenue Service.[178] The case is Crawford v. U.S. Department of Treasury, and includes seven plaintiffs. Republicans Overseas is led by members of the rules committee of the Republican National Committee including Bruce Ash and Solomon Yue. The specific claims being advanced in the legal challenge are as follows:

An injunction is also sought against FATCA's asset reporting requirements on Form 8966 and on the form for the report of Foreign Bank and Financial Accounts (FBAR). The plaintiffs declare that these requirements violate the constitution and that the government should not be allowed to enforce them.[179][180]

Another challenge was filed in the Northern District of California by a pro se litigant in Alsheikh v Lew et al., which has the case number 3:15-cv-3601 JST. The plaintiff challenges FATCA on 10th, 4th and 5th Amendment bases.

Canadians, particularly those considered to be American persons for taxation purposes

An organization called the Alliance for The Defence of Canadian Sovereignty is challenging a Canadian law that implements FATCA. The organization claims that the Canadian law violates the Canadian Charter of Rights & Freedoms, particularly the provisions related to discrimination on the basis of citizenship or national origin.[181] This is not technically a direct opposition to FATCA — as the United States Congress has no legislative authority over Canada — but is instead an opposition to the parallel Canadian federal legislation.[182] On August 11, 2014, in an action supported by the Alliance for the Defence of Canadian Sovereignty, two Canadian citizens filed suit in the Federal Court of Canada challenging the constitutionality of the Canadian law that implements FATCA in Canada. Both of the citizens were born in the United States, with at least one Canadian parent, but they returned to Canada in childhood and have had no residential ties to the United States since that time. They state that this would result in them having U.S. indicia, and therefore being discriminated against by Canadian banks.[183][184] On August 12, 2014, Canadian government spokesman Jack Aubry defended the constitutionality of the legislation, but otherwise declined to comment on the pending litigation.[185]

A Canadian Federal Court ruling would not involve jurisdiction over the relationship of United States citizens with the United States Government, but would affect those individuals' rights as Canadians. Such a ruling would therefore be a finding of unconstitutionality as a matter of Canadian constitutional law, as to the two litigants. It would allow a remedy under Canadian law, but would not relieve them of their responsibilities to the United States under FATCA, as United States citizens. Thus, such a ruling would not remove the effect of the provisions of FATCA on U.S. citizen-taxpayers, no matter where their bona fide non-U.S. tax home is located. However, a human rights complaint submitted to the United Nations, by members of The Isaac Brock Society[186] and Maple Sandbox,[187] that the U.S. system of taxation, and requirements, compliance reporting, and excessive penalties therewith, of its citizens tax resident in other countries including taxation of their income and assets in those countries, represents violation of their human rights. This complaint is suggestive that such taxation violates the IRS Taxpayer Bill of Rights provision #10 "The Right to a Fair and Just Tax System."[188][189]

On October 7, 2014, the legal claim by the Alliance for the Defence of Canadian Sovereignty was amended to include the allegation that the FATCA IGA and enabling legislation are in violation of both the Income Tax Act of Canada and the Canada U.S. Tax Treaty.[190]

Implementation

Domestic

FATCA added 26 U.S.C. § 6038D (section 6038D of the Internal Revenue Code) which requires the reporting of any interest in foreign financial assets over $50,000 after March 18, 2010. FATCA also added 26 U.S.C. §§ 1471–1474 requiring U.S. payors to withhold taxes on payments to foreign financial institutions (FFI) and nonfinancial foreign entities (NFFE) that have not agreed to provide the IRS with information on U.S. accounts. FATCA also added 26 U.S.C. § 1298(f) requiring shareholders of a passive foreign investment company (PFIC) to report certain information.

The U.S. Department of the Treasury issued temporary and proposed regulations on December 14, 2011 (26 C.F.R. 1.6038D-0T et seq.) for reporting foreign financial assets, requiring the filing of Form 8938 with income tax returns.[191][192] The Department of the Treasury issued final regulations and guidance on reporting interest paid to nonresident aliens on April 16, 2012 (26 C.F.R. 1.6049-4 et seq., 26 C.F.R. 31.3406(g)-1).[193] Treasury issued proposed regulations regarding information reporting by, and withholding of payments to, foreign financial institutions on February 8, 2012,[194][195][196] and final regulations on January 17, 2013 (26 C.F.R. 1.1471-0 et seq.).[197][198] On December 31, 2013 the IRS published temporary and proposed regulations (26 C.F.R. 1.1291-0T et seq.) on annual filing requirements for shareholders of PFICs.[199] On February 20, 2014, the IRS issued temporary and proposed regulations making additions and clarifications to previously issued regulations and providing guidance to coordinate FATCA rules with preexisting requirements.[200][201]

On April 2, 2014, the U.S. Department of the Treasury extended from April 25, 2014 to May 5, 2014 the deadline by which an FFI must register with the IRS in order to appear on the initial public list of "Global Intermediary Identification Numbers" (GIINs) maintained by the IRS, also known as the "FFI List."[202][203] In June 2014, the IRS began publishing a monthly online list of registered FFIs, intended to allow withholding agents to verify the GIINs of their payees in order to establish that withholding is not required on payments to those payees.[204]

International implementation

Implementation of FATCA may involve legal hurdles; it may be illegal in foreign jurisdictions for financial institutions to disclose the required account information.[205] There is a controversy about the appropriateness of intergovernmental agreements (IGAs) to solve any of these problems.[206][207]

France, Germany, Italy, Spain, and the United Kingdom announced in 2012 they consented to cooperate with the U.S. on FATCA implementation,[208][209] as did Switzerland, Japan[210] and South Africa.

The deputy director general of legal affairs of the People's Bank of China, the central bank of the People's Republic of China, Liu Xiangmin said "China's banking and tax laws and regulations do not allow Chinese financial institutions to comply with FATCA directly."[211] The U.S. Department of the Treasury suspended negotiations with Russia in March 2014.[212] Russia, while not ruling out an agreement, requires full reciprocity and abandonment of US extraterritoriality before signing an IGA.[213][214] Russian President Vladimir Putin signed a law on June 30, 2014 that allowed Russian banks to transfer FATCA data directly to US tax authorities—after first reporting the information to the Russian government.[215] Russian banks are required to obtain client consent first but can deny service if that consent is not given.[216] Bangladeshi banks, which have accounts of US taxpayers, may report to the IRS, However they need prior approval of their clients.[217]

A 2014 Swiss referendum against the act did not come to fruition.[218]

Intergovernmental agreements

As passed by Congress, FATCA was meant to form the basis for a relationship between the U.S. Department of the Treasury and individual FFI's. Personnel at some FFIs responded by asserting,[219] however, that it was not possible to follow for the FFIs to follow their own countries' laws (privacy, confidentiality, discrimination, etc.) and simultaneously to comply with FATCA as is.[220][221] Discussions from financial industry lobbyists resulted in the creation of Intergovernmental Agreements (IGA's) between the Executive Branch of the United States government with foreign governments.[52] This development resulted in foreign governments to implement the US FATCA requirements into their own legal systems, which in turn allowed those governments to change their privacy and discrimination laws[222] to allow the identification and reporting of US persons via those governments.[222] In an IGA, a government agrees that all of its financial institutions shall comply with FATCA (whereas without the IGA each FFI would have been able to decide if it were to comply with FATCA or not). With the IGA's, the private data of suspected US persons would be collected and handled by the FFI's, whereas the many governments would then collect and store that data for further transmittal. The IGA added the applicable government to the list of handlers of the data.

  United States
Countries with agreements (or agreements in substance) regarding FATCA implementation
  States with a Type 1 Agreement
  States with a Type 2 Agreement
  States with agreement in substance on a Type 1 Agreement
  States with agreement in substance on a Type 2 Agreement

The United States Department of the Treasury has published model IGAs which follow two approaches. Under Model 1, financial institutions in the partner country report information about U.S. accounts to the tax authority of the partner country. That tax authority then provides the information to the United States. Model 1 comes in a reciprocal version (Model 1A), under which the United States will also share information about the partner country's taxpayers with the partner country, and a nonreciprocal version (Model 1B). Under Model 2, partner country financial institutions report directly to the U.S. Internal Revenue Service, and the partner country agrees to lower any legal barriers to that reporting.[223] Model 2 is available in two versions: 2A with no Tax Information Exchange Agreement (TIEA) or Double Tax Convention (DTC) required, and 2B for countries with a pre-existing TIEA or DTC. The agreements generally require parliamentary approval in the countries they are concluded with, but the United States is not pursuing ratification of this as a treaty.

In April 2014, the U.S. Department of the Treasury and IRS announced that any jurisdictions that reach "agreements in substance" and consent to their compliance statuses being published by the July 1, 2014, deadline would be treated as having an IGA in effect through the end of 2014, ensuring no penalties would be incurred during that time while giving more jurisdictions an opportunity to finalize formal IGAs.[202][223]

In India the Securities and Exchange Board of India (SEBI) said "FATCA in its current form lacks complete reciprocity from the US counterparts, and there is an asymmetry in due-diligence requirements." Furthermore, "Sources close to the development say the signing has been delayed because of Indian financial institutions' unpreparedness."[224]

With Canada's agreement in February 2014, all G7 countries have signed intergovernmental agreements. As of November 28, 2016, the following jurisdictions have concluded intergovernmental agreements with the United States regarding the implementation of FATCA, many of which have not entered into force.[223]

Intergovernmental agreements
Jurisdiction Type Signature Entry into force Approval process
partner state
 Algeria 1 October 13, 2015
 Angola 1 November 9, 2015
 Antigua and Barbuda 1 August 31, 2016
 Australia 1 April 28, 2014 June 30, 2014[225]
 Austria 2 April 29, 2014 December 9, 2014[226]
 Azerbaijan 1 September 9, 2015 November 5, 2015[227]
 Bahamas 1 November 3, 2014 September 17, 2015[227]
 Barbados 1 November 17, 2014 September 25, 2015[227]
 Belarus 1 March 18, 2015 July 29, 2015[227]
 Belgium 1 April 23, 2014
 Bermuda 2 December 19, 2013 August 19, 2014[226]
 Brazil 1 September 23, 2014 June 26, 2015
 British Virgin Islands 1 June 30, 2014 July 13, 2015
 Bulgaria 1 December 5, 2014 June 30, 2015[227]
 Cambodia 1 September 14, 2015
 Canada 1 February 5, 2014 June 27, 2014[228] Implementation act published.[229]
 Cayman Islands 1B[230] November 29, 2013 July 1, 2014[226]
 Chile 2 March 5, 2014
 Colombia 1 May 20, 2015 August 27, 2015
 Costa Rica 1A[230] November 26, 2013
 Croatia 1 March 20, 2015
 Curaçao 1 December 16, 2014 August 3, 2016
 Cyprus 1 December 2, 2014 September 21, 2015
 Czech Republic 1 August 4, 2014 December 18, 2014
 Denmark 1 November 19, 2012 September 30, 2015[227] Implementation law L67 passed December 20, 2013.[231] Draft implementation regulation published, hearing ends May 8, 2014.[232] Due diligence deadlines June 30, 2015, and June 30, 2016.[233]
 Dominican Republic 1 September 15, 2016
 Estonia 1 April 11, 2014 July 9, 2014[226]
 Finland 1 March 5, 2014 February 20, 2015[227]
 France 1 November 14, 2013 October 14, 2014[226]
 Georgia 1 July 10, 2015 September 18, 2015
 Germany 1 May 31, 2013 December 11, 2013[234]
 Gibraltar 1 May 8, 2014 September 17, 2015[227]
 Guernsey 1 December 13, 2013 August 26, 2015 Draft implementation regulation published.[235]
 Guyana 1 August 29, 2016
 Honduras 1 March 31, 2014 February 19, 2015[227]
 Hong Kong 2 November 13, 2014 July 6, 2016
 Hungary 1 February 4, 2014 July 16, 2014[226]
 Iceland 1 May 26, 2015 September 22, 2015[227]
 India 1 July 9, 2015 August 31, 2015[227]
 Ireland 1 January 23, 2013 April 2, 2014
 Isle of Man 1 December 13, 2013 August 26, 2015 Draft implementation regulation published.[235]
 Israel 1 June 30, 2014 August 29, 2016
 Italy 1 January 10, 2014 August 17, 2015[227]
 Jamaica 1 May 2, 2014 September 24, 2015
 Japan 2 June 11, 2013 June 11, 2013
 Jersey 1 December 13, 2013 October 28, 2015[227] Draft implementation regulation published.[235]
 Kosovo 1 February 26, 2015 November 4, 2015
 Kuwait 1 April 29, 2015 January 28, 2016
 Latvia 1 June 27, 2014 December 15, 2014[226]
 Liechtenstein 1 May 19, 2014 January 22, 2015[227]
 Lithuania 1 August 26, 2014 October 7, 2014
 Luxembourg 1 March 28, 2014 July 29, 2015[227]
 Malta 1A[236] December 16, 2013 June 26, 2014[226]
 Mauritius 1 December 27, 2013 August 29, 2014[226]
 Mexico 1 November 19, 2012 January 1, 2013[237] Replaced by revised treaty on April 9, 2014, with no break in enforcement.[238]
 Moldova 2 November 26, 2014 January 21, 2016
 Montserrat 1 September 8, 2015
 Netherlands 1A[239] December 18, 2013 April 9, 2015[240]
 New Zealand 1 June 12, 2014 July 3, 2014[241]
 Norway 1 April 15, 2013 January 27, 2014[226]
 Panama 1 April 27, 2016 October 25, 2016
 Philippines 1 July 13, 2015
 Poland 1 October 7, 2014 July 1, 2015
 Portugal 1 August 6, 2015
 Qatar 1 January 7, 2015 June 23, 2015[227]
 Romania 1 May 28, 2015 November 3, 2015
 Saint Kitts and Nevis 1 August 31, 2015 April 28, 2016
 Saint Lucia 1 November 19, 2015 September 1, 2016
 Saint Vincent and the Grenadines 1 August 18, 2015 May 13, 2016
 San Marino 2 October 28, 2015 August 30, 2016
 Saudi Arabia 1 November 15, 2016
 Singapore 1 December 9, 2014 March 28, 2015
 Slovakia 1 July 31, 2015 November 9, 2015
 Slovenia 1 June 2, 2014 July 1, 2014[226]
 South Africa 1 June 9, 2014 October 28, 2014[226]
 South Korea 1 June 10, 2015 September 8, 2016
 Spain 1 May 14, 2013 December 9, 2013[242]
 Sweden 1 August 8, 2014 March 1, 2015
  Switzerland 2[243] February 14, 2013 June 2, 2014[218] Parliamentary approval obtained;[244] insufficient supporters for a referendum.[245]
 Thailand 1 March 4, 2016
 Trinidad and Tobago 1 August 19, 2016
 Turkey 1 July 29, 2015
 Turks and Caicos Islands 1 December 1, 2014 July 25, 2016
 United Arab Emirates 1 June 17, 2015
 United Kingdom 1A September 12, 2012 August 11, 2014[lower-alpha 1]
 Uzbekistan 1 April 3, 2015
  Vatican City 1 June 10, 2015 June 10, 2015[227]
 Vietnam 1 April 1, 2016 July 7, 2016
  1. ↑ In the UK, formal approval of treaties before ratification is not requirement, although according to the Constitutional Reform and Governance Act 2010, they need to be presented to Parliament with an explanatory memorandum, which the government did in September 2012.

The following jurisdictions have also reached "agreements in substance":[223]

Delays in implementation of IGAs

Many jurisdictions are required to have their IGAs in effect and start exchange of information by 30 September 2015. The US IRS has issued Notice 2015-66, which relaxes the deadline for countries which have signed Model 1 IGAs "to hand over information regarding accounts held by U.S. taxpayers",[246][247] if the jurisdiction requests more time and "provides assurance that the jurisdiction is making good faith efforts to exchange the information as soon as possible."[246]

Implementation is noted as delayed in the following countries:

Related international regulations

In 2014, the OECD introduced its Common Reporting Standard (CRS) proposed for the automatic exchange of information (AEOI) through its Global Forum on Transparency and Exchange of Information for Tax Purposes. The G-20 gave a mandate for this standard, and its relation to FATCA is mentioned on page 5 of the OECD's report.[252] Critics immediately dubbed it "GATCA" for Global FATCA.[253] Ironically however, so far the US has refused to sign up to CRS.[254]

The Common Reporting standard requires each signatory country to gather the full identifying information of each bank customer, including additional nationalities and place of birth. Prior to the implementation of CRS, there had been no other method of fully and globally identifying immigrants and emigrants and citizens by way of their identification numbers, birthplaces, and nationalities. Each participating government is tasked with collecting and storing the data of all its citizens and immigrants and of transferring the data automatically to participating countries. CRS is capable of transmitting person data according to the demands of either Residence Based Taxation or Citizenship Based Taxation (CBT) or Personhood-Based Taxation.

Renunciation of citizenship

The number of Americans renouncing their citizenship has risen each year since the enactment of the FATCA, from just 1,006 in 2010 to 3,415 in 2014[255] and 4,279 in 2015.[256] Among those who renounced their citizenship was the Mayor of London, Boris Johnson, who did so after the IRS taxed the sale of his house in London.[255] Due to the rise in applications and resulting backlog, the fee for renouncing citizenship was raised by roughly 400 percent in 2015 to $2,350.[256]

See also

References

Notes

  1. ↑ Sec ii B 1 AGREEMENT BETWEEN THE GOVERNMENT OF THE UNITED STATES OF AMERICA AND THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND TO IMPROVE INTERNATIONAL TAX COMPLIANCE AND TO IMPLEMENT FATCA
  2. ↑ "The Foreign Account Tax Compliance Act (FATCA)" (PDF). DLA Piper.
  3. 1 2 111 Cong. Rec. S1635-36 (daily ed. Mar 17, 2010) (statement of Sen. Levin) ("Right now, thousands of U.S. tax dodgers conceal billions of dollars in assets within secrecy-shrouded foreign banks, dodging taxes and penalizing those of us who pay the taxes we owe. The Permanent Subcommittee on Investigations... estimated that these tax-dodging schemes cost the Federal Treasury $100 billion a year.")
  4. ↑ Crassweller, Kary; Andrew C. Liazos, Todd A. Solomon, McDermott Will & Emery (22 March 2013). "What You Need to Know About Foreign Account Tax Compliance Act's (FATCA) Impact on Non-U.S. Retirement Plans". The National Law Review. ISSN 2161-3362. Retrieved 19 March 2014. (According to one commentator, Congress enacted FATCA "to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts")
  5. ↑ 111 Cong. Rec. S1635-36 (daily ed. Mar 17, 2010) (statement of Sen. Levin) ("Right now, thousands of U.S. tax dodgers conceal billions of dollars in assets within secrecy-shrouded foreign banks, dodging taxes and penalizing those of us who pay the taxes we owe. The Permanent Subcommittee on Investigations... estimated that these tax-dodging schemes cost the Federal Treasury $100 billion a year.")
  6. ↑ "Definition of YUK".
  7. ↑ "What is a US Person for IRS tax purposes? - US Tax & Financial Services".
  8. ↑ "Classification of Taxpayers for U.S. Tax Purposes".
  9. 1 2 "Report of Foreign Bank and Financial Accounts (FBAR)".
  10. ↑ Bogaard, Jonathan H.; Michael E. Draz; Vedder Price (14 March 2013). "What...The FATCA (Foreign Account Tax Compliance Act)?". The National Law Review. ISSN 2161-3362. Retrieved 19 March 2014.
  11. ↑ See generally 26 U.S.C. § 61, § 6012
  12. ↑ "Eritrean Regime: 2% Dues Neither Mandatory, Nor An 'Income' Tax - Awate".
  13. ↑ Fitz-Morris, James (November 25, 2013). "Canadian banks to be compelled to share clients' info with U.S.". CBC News.
  14. ↑ Harvey, J. Richard (February 2014). "Worldwide Taxation of U. S. Citizens Living Abroad: Impact of FATCA and Two Proposals" (PDF). George Mason Journal of International Commercial Law. 4 (3): 319–357.
  15. ↑ Rousslang, Donald. "Tax Topics: Foreign tax credit". www.taxpolicycenter.org. Retrieved September 7, 2014.
  16. ↑ See 26 U.S.C. § 1441.
  17. ↑ 26 U.S.C. § 1441
  18. ↑ U.S. Government Accountability Office (GAO), Offshore Financial Activity Creates Enforcement Issues for IRS: Testimony Before the Committee on Finance, U.S. Senate, March 17, 2009 (statement of Michael Brostek, Director, Strategic Issues Team) at 10, [hereinafter "GAO Report"]
  19. 1 2 GAO Report at 10-11
  20. ↑ GAO Report at 5 (referring to the FBAR filing requirements of non-resident US citizens to the Financial Crimes Enforcement Network)
  21. ↑ "On Concurring in Senate Amendment with an Amendment: H R ... -- House Vote #991 -- Dec 16, 2009".
  22. ↑ "H.R. 2847 (111th): Hiring Incentives to Restore Employment Act -- Senate Vote #55 -- Mar 17, 2010".
  23. ↑ SpainAmericanBarAsso (October 14, 2014). "Obama Signing FATCA on March 18, 2010" – via YouTube.
  24. ↑ http://www.fas.org/sgp/crs/misc/R40623.pdf
  25. ↑ "Government "Stats" Strike Again".
  26. 1 2 3 "Cayman Financial Review :: Is FATCA chasing a leprechaun and his pot of gold?".
  27. ↑ 111 Cong. Rec. S10,778 (statement of Sen. Max Baucus) ("This bill [S. 1934] would improve tax compliance without raising taxes on anyone. These are taxes that are already legally owed.")
  28. ↑ 111 Cong., S.A. 3310
  29. ↑ Crawford v. U.S. Department of Treasury, case no. 15-cv-00250-TMR, U.S. District Court, Southern District of Ohio (Dayton).
  30. ↑ 26 U.S.C. § 1471(c)(1)
  31. ↑ 26 U.S.C. § 1471
  32. 1 2 Bell, Kay (March 23, 2010). "Jobs bill includes tax changes". MSNBC.
  33. ↑ 26 U.S.C. § 1474(b)(2)
  34. ↑ osneymedia (April 13, 2013). "IRS live video stream & Q&A - post final FATCA Regulations" – via YouTube.
  35. ↑ Internal Revenue Service (2014). "Instructions for the Requester of Forms W–8BEN, W–8BEN–E, W–8ECI, and W–8EXP, and W–8IMY" (PDF). U.S. Department of the Treasury. p. 5. Retrieved 5 August 2015. [R]equest Form W-8BEN if you are a ... FFI required to establish the foreign status of an individual account holder for chapter 4 purposes or under the requirements of an applicable IGA[.]
  36. ↑ 26 U.S.C. § 6038D(a)
  37. ↑ Wargo, Dave (August 15, 2014). "FATCA: Expat Bank Accounts Are Being Sent Home".
  38. ↑ e.g., 26 C.F.R. 1.6038D-2T(a)
  39. ↑ Internal Revenue Service (January 15, 2013). "Do I need to file Form 8938, 'Statement of Specified Foreign Financial Assets'?".
  40. ↑ 26 U.S.C. § 6662(j)(3)
  41. ↑ 26 U.S.C. § 6501(e)(1); the limitations period was presumably extended because it was determined that international audit cases can take an additional 500 days to fully investigate. GAO Report at 1.
  42. ↑ 26 U.S.C. § 871(m); dividends such as those paid by a U.S. corporation became "U.S. source" and therefore subject to the 30% withholding tax for foreign payees. 26 U.S.C. § 871(1)(A), § 861(a)(2). The previous method was based on reclassifying the payment as income derived from the residence of the foreign payee and therefore the payment was not due U.S. taxation.
  43. ↑ Morgenson, Gretchen (March 26, 2010). "Death of a Loophole, and Swiss Banks Will Mourn". The New York Times.
  44. ↑ "LEVELING THE PLAYING FIELD: CURBING TAX HAVENS AND REMOVING TAX INCENTIVES FOR SHIFTING JOBS OVERSEAS". May 4, 2009.
  45. 1 2 Jolly, David; Knowlton, Brian (December 26, 2011). "Law to Find Tax Evaders Denounced". The New York Times.
  46. ↑ 31 C.F.R. 1010
  47. ↑ "Who is a U. S. person ( or has U.S. indicia) according to the IRS - Maple Sandbox".
  48. ↑ Agreement between the Government of the United States of America and the Government of Sweden to Improve International Tax Compliance and to Implement FATCA
  49. ↑ Joint Committee on Taxation, JCS-6-10, Estimated Revenue Effects of the Revenue Provisions Contained in an Amendment to the Senate Amendment to the House Amendment to the Senate Amendment to H.R. 2847, the Hiring Incentives to Restore Employment Act. Referenced: "Why FATCA is Bad for America and Why it Should be Repealed". ACA Reports series. American Citizens Abroad. July 19, 2012. Archived from the original on June 1, 2013.
  50. ↑ Gravelle JG. (2013). Tax Havens: International Tax Avoidance and Evasion. CRS
  51. ↑ "Senate Finance Committee Submissions: Republicans Overseas".
  52. 1 2 "FATCA FAQ".
  53. ↑ "FATCA - Region preparing for Uncle Sam". April 30, 2014.
  54. ↑ Wood, Robert W. (November 30, 2011). "FATCA Carries Fat Price Tag". Forbes.
  55. 1 2 Twain, Mark (October 20, 2014). "#FATCA Global Implementation Costs Revealed (Cross Post, Guest post)".
  56. 1 2 http://www.amcham.ch/members_interests/p_business_ch.asp?s=7&c=1
  57. ↑ "TIGTA's FATCA Report – Is the FATCA portal development better than that of the federal medical insurance exchange?". December 10, 2013.
  58. ↑ Greenwood, John (October 23, 2013). "Electronic spying 'a big issue' for banks, Scotia CEO Waugh says". Financial Post.
  59. ↑ Swanson, Lynne (September 17, 2013). "Dual Canadian-American citizens: We are not tax cheats". Financial Post.
  60. ↑ "TAX LAWS AMENDMENT (IMPLEMENTATION OF THE FATCA AGREEMENT) BILL 2014 Explanatory Memorandum".
  61. ↑ "Subscribe to The Australian".
  62. ↑ "#Australia funds America's #FATCA #Ethnic Identification System". February 19, 2016.
  63. ↑ http://www.treasury.govt.nz/downloads/pdfs/b14-info/b14-2828155.pdf
  64. ↑ renounceuscitizenship (December 4, 2013). "#FATCA Chronicles in New Zealand".
  65. ↑ "Inland Revenue does not consider it is possible to estimate the fiscal costs/benefits of entering into an IGA with the United States?"
  66. ↑ "FATCA attack - Economia".
  67. ↑ "The cost of complying with FATCA". Lexology. June 3, 2013.
  68. ↑ "The real cost of FATCA implementation - Eureka Blog". July 22, 2014.
  69. 1 2 "The cost of complying with FATCA – similar initiatives to follow? - Lexology".
  70. ↑ Greive, Martin; Kaiser, Tina (August 16, 2014). "US-Steuerabkommen Fatca ist eine Einbahnstraße" – via Welt Online.
  71. ↑ "Ausländeranteil in Deutschland bis 2015 - Statistik".
  72. 1 2 "Did #Obama's #FATCA shake 8 EUR out of every #German pocket?". February 14, 2016.
  73. ↑ Regeringens kommentar på remissinstansernas slutsatser gällande den ekonomiska och administrativa börda lagstiftningen medför är att det borde ses i ljuset av den 30-procentiga källskatt som påförs alla betalningar med amerikansk källa till svenska finansiella institut. Regeringen menar att bördan de finansiella instituten råkar ut för är försumbar i jämförelse med effekten en eventuell källskatt kommer ha på Sveriges ekonomi.
  74. ↑ Regelrådet anser att konsekvensutredningen inte uppfyller de krav som ställs i 6 och 7 §§ förordningen (2007:1244) om konsekvensutredning vid regelgivning.
  75. ↑ Enligt en högst spekulativ uträkning gjord i promemorian skulle enbart inlämnandet av kontrolluppgifter till Skatteverket innebära en löpande administrativ kostnad på en miljon kronor var för varje mindre finansiellt institute
  76. 1 2 "Fatca Lookup Search Page".
  77. ↑ "#SWeden: #America's New #Taxhaven??? ..... Will the #FATCA #racists fulfill their destiny?". February 22, 2016.
  78. ↑ "In order to improve FATCA implementation... we recommend that the Commissioner of Internal Revenue take the following (action) ... • establish and document a timeline for completing a comprehensive FATCA cost estimate." G.A.O.Report to the Committee on Finance, U.S. Senate FOREIGN ACCOUNT REPORTING REQUIREMENTS, IRS Needs to Further Develop Risk, Compliance, and Cost Plans, p 8
  79. ↑ see FFI costs and foreign costs above
  80. ↑ G.A.O.Report to the Committee on Finance, U.S. Senate FOREIGN ACCOUNT REPORTING REQUIREMENTS, IRS Needs to Further Develop Risk, Compliance, and Cost Plans, p 14
  81. ↑ Graffy, Colleen (July 17, 2013). "How to Lose Friends, Citizens and Influence". The Wall Street Journal.
  82. 1 2 3 4 5 6 "Myth vs. FATCA: The Truth About Treasury's Effort To Combat Offshore Tax Evasion".
  83. ↑ "FATCA may identify tax cheats, but its dragnet for financial criminals may produce an even bigger yield". Association of Certified Financial Crime Specialists. March 1, 2012.
  84. ↑ Cost-Benefit and Other Analysis Requirements in the Rulemaking Process, Maeve P. Carey, Coordinator, Analyst in Government Organization and Management, December 9, 2014
  85. ↑ Wood, Robert W. (November 30, 2011). "FATCA Carries Fat Price Tag". Forbes.
  86. ↑ Much of the tax paid relates to clear instances of double taxation
  87. ↑ "Scratched by the FATCA". The Economist. November 26, 2011.
  88. ↑ International Tax Working Group Submissions United States Senate Committee on Finance, "As the United States does not have a wealth tax, reporting of financial information by banks within the United States is limited to the reporting of income, namely, in the case of bank accounts, to interest income earned in any account."
  89. ↑ International Tax Working Group Submissions United States Senate Committee on Finance, "If the laws were amended to require all American citizens to report all of their bank account balances and financial assets to the IRS every year, America would erupt! Such a law would be an unconstitutional invasion of citizen’s privacy because there is no justifiable government interest in the detailed financial asset levels of American citizens absent probable cause of tax evasion. Clearly, however, requiring all Americans to disclose all of their financial assets to the IRS could be very beneficial to catching tax evasion- just like allowing the warrantless search of everyone’s home could be very beneficial to catching other criminals. But that is not how America works and is not consistent with the protections of the Constitution."
  90. ↑ "Why FATCA is Bad for America and Why it Should be Repealed". ACA Reports series. American Citizens Abroad. July 19, 2012. Archived from the original on June 1, 2013.
  91. ↑ USA Today (September 27, 2012). "European banks shut Americans out over U.S. tax rules".Yan, Sophia (September 15, 2013). "Banks lock out Americans over new tax law". CNN.
  92. ↑ "Americans Abroad Can't Bank Smoothly As FATCA Tax Evasion Reform Comes Into Play". December 20, 2013.
  93. ↑ Yan, Sophia (September 15, 2013). "Banks lock out Americans over new tax law".
  94. ↑ "Facing up to FATCA". Deloitte. Fall 2011.
  95. ↑ Posey, Bill (July 1, 2013). "Letter to Secretary of Treasury" (PDF). repealfatca.com.
  96. ↑ Browning, Lynnley (September 16, 2013). "Complying With U.S. Tax Evasion Law Is Vexing Foreign Banks". The New York Times.
  97. ↑ FATCA’s flaws The Economist 28 June 2014
  98. ↑ http://taxpolicy.ird.govt.nz/sites/default/files/2013-ris-arearm-bill-04.pdf
  99. ↑ "Liste complète".
  100. ↑ "Svenska banker letar efter amerikaner".
  101. ↑ "Google Översätt".
  102. ↑ Accidental Americans may also include, but much fewer in number, those who innocently did not understand they were a U.S. citizen and, therefore, had U.S. tax and reporting obligations.
  103. ↑ U.S. FATCA tax law catches 'accidental Americans' CBC, January 13, 2014
  104. ↑ "FATCA – FAQs General".
  105. ↑ http://haydonperryman.com/2015/02/02/irs-makes-it-clear-accounts-can-not-be-opened-without-a-self-certification/ Haydon Perryman
  106. ↑ "FATCA 'versus' IGAs".
  107. ↑ "the legislation caused an increase in consular workload that must be paid for by user fees" "At one post alone, renunciations rose from under 100 in 2009 to more than 1,100 in the first ten months of 2014."
  108. ↑ "Federal Register - Schedule of Fees for Consular Services, Department of State and Overseas Embassies and Consulates-Passport and Citizenship Services Fee Changes".
  109. ↑ "Mister Taxman: Why Some Americans Working Abroad Are Ditching Their Citizenships". Time magazine. January 31, 2013.
  110. ↑ "Why are Americans giving up their citizenship?". BBC Magazine. Sep 26, 2012. Retrieved Oct 2013. Check date values in: |access-date= (help)
  111. ↑ Saunders, Laura (August 17, 2013). "Overseas Americans: Time to Say 'Bye' to Uncle Sam?". The Wall Street Journal.
  112. ↑ "Americans renouncing citizenship in record numbers, seek to avoid tax". The Wall Street Journal. Fox News. August 12, 2013. Retrieved February 20, 2014.
  113. ↑ Mitchel, Andrew (February 6, 2014). "2013 Expatriations Increase by 221%". International Tax Blog. Retrieved December 2, 2014.
  114. ↑ Wood, Robert W. "Record Numbers Renounce U.S. Citizenship---And Many Aren't Counted". Forbes.
  115. ↑ Eric (July 29, 2014). "The Federal Register: timeliness, date of filing, and date of publication".
  116. ↑ Wood, Robert W. "5.5 Million Americans Eye Giving Up U.S. Citizenship, Survey Reveals". Forbes.
  117. ↑ "FBI NICS data disproves WSJ claim that U.S. citizenship renunciations are "leveling off"". August 4, 2015.
  118. ↑ Gabrielle Cintorino (10 June 2015) Record Number of Americans Renounced Their U.S. Citizenship in 2015, CNSNews.com
  119. ↑ Palazzolo, Joe. "Why It Now Costs So Much to Renounce Your Citizenship".
  120. ↑ Freedom of Information Request, denial response
  121. ↑ Freedom of Information Request, denial response andysundberg.weebly.com
  122. ↑ Schedule of Fees for Consular Services, Department of State and Overseas Embassies and Consulates-Passport and Citizenship Services Fee Changes Federal Register, 8 September 2015, "The existing fee definition covers a projected 5,986 applicants renouncing their U.S. nationality in FY 2015. This rule expands the definition of the fee to cover an additional projected 559 applicants who will relinquish their nationality in FY 2015. The total volume of applicants paying this fee is projected to be 6,545, if in effect for all of FY 2015."
  123. ↑ Hildebrandt, Amber (January 13, 2014). "U.S. FATCA tax law catches unsuspecting Canadians in its crosshairs". CBC News.
  124. ↑ Bachmann, Helena (January 31, 2013). "Mister Taxman: Why Some Americans Working Abroad Are Ditching Their Citizenships". Time. Retrieved February 20, 2014.
  125. ↑ Kuenzi, David (July 9, 2014). "American Expats' Tax Nightmare". The Wall Street Journal.
  126. ↑ http://americansabroad.org/issues/fatca/fatca-bad-america/
  127. ↑ Srinivas, Siri (September 24, 2014). "'I was terrified we'd lose all our money': banks tell US customers they won't work with Americans".
  128. ↑ "Democrats Abroad Publishes FATCA Research - "FATCA: Affecting Everyday Americans Every Day"". September 16, 2014.
  129. ↑ "Democrats Abroad FATCA FAQs - August 2015".
  130. ↑ "It's Official: There Will Be No American FATCA 'Reciprocity' - News -". Repeal FATCA.
  131. ↑ "page 202" (PDF).
  132. ↑ Budget FY2015 whitehouse.gov, Mandatory and Receipt Proposals—Continued Table S-9, p192
  133. ↑ Mandatory and Receipt Proposals—Continued whitehouse.gov Table S-9, p122
  134. ↑ Alexander Bolton "President's budget sinks, 97-0" The Hill
  135. ↑ "Text of H.R. 2847 (111th): Hiring Incentives to Restore Employment Act (Passed Congress/Enrolled Bill version) - GovTrack.us".
  136. ↑ Foreign Account Tax Compliance Act (FATCA) The Treasury , 4/5/2016, "The Parties are committed to working with Partner Jurisdictions and the Organisation for Economic Cooperation and Development on adapting the terms of this Agreement and other agreements between the United States and Partner Jurisdictions to a common model for automatic exchange of information, including the development of reporting and due diligence standards for financial institutions."
  137. ↑ Tax, Society & Culture, IRS claims statutory authority for FATCA agreements where no such authority exists, Allison Christians IRS claims statutory authority for FATCA agreements where no such authority exists July 4, 2014, McGill University, Faculty of Law, None of these sources of law contain any authorization to enter into or implement the IGAs. It is clear that no such authorization has been made by Congress, and that the IGAs are sole executive agreements entered into by the executive branch on its own under its "plenary executive authority". As such the agreements are constitutionally suspect because they do not accord with the delineated treaty power set forth in Article II.
  138. ↑ Cagahastian, David (September 13, 2015). "Fatca terms moved forward 6 mos to Q2 2016".
  139. ↑ Loewy, Robert (9 May 2014). "Foreign Account Tax Compliance Act (FATCA) Transitional Relief and Extension of Time for the Implementation of New Account Procedures for Entity Investors". The National Law Review. Katten Muchin Rosenman LLP. Retrieved 15 June 2014.
  140. ↑ Wisconsin Law Review, Vol. 2013, No. 1, pp. 205-236 (April 9, 2013). "Using a Sledgehammer to Crack a Nut: Why FATCA Will Not Stand".
  141. ↑ Shapiro Tax Law LLC (July 6, 2013). "Good news: FATCA deadlines extended, and withholding delayed".
  142. ↑ "FATCA Notebook: Former IRS Chief, Taxpayer Advocate Criticize FATCA; Switzerland Moves Toward Greater Transparency - JD Supra".
  143. ↑ Reprints, Devin Leonard Richard Rubin RichardRubinDC. "An Emotional Audit: IRS Workers Are Miserable and Overwhelmed".
  144. ↑ Meanwhile, his staff has been overwhelmed with calls this year from Americans overseas who are confused about extra information they are supposed to furnish under the 2010 law combating tax cheating abroad. 'They are calling like crazy about that,' says Donna White, a customer service representative in the office. 'You kind of get burnt out.'" - Bloomberg Business Week, April 13–19, 2015.
  145. ↑ "Alberta online bank first in Canada to shun U.S. clients amid tax rules".
  146. ↑ "Written question - US Foreign Account Tax Compliance Act (FATCA) and the refusal by Swedbank to accept US citizens as clients - E-004481/2013".
  147. ↑ P Parliamentary questions, 7 June 2013, E-004481/2013, Answer given by Mr Šemeta on behalf of the Commission
  148. ↑ Agreement Between the Government of the United States of America and the Government of Canada to Improve International Tax Compliance through Enhanced Exchange of Information under the Convention Between the United States of America and Canada with Respect to Taxes on Income and on Capital
  149. ↑ "Swedbank".
  150. ↑ How #European Banks are Allowed to #Discriminate Against American Immigrants in the #EU, using #FATCA
  151. ↑ "Additional FATCA Documents".
  152. 1 2 FATCAEU (May 29, 2013). "European Parliament FATCA Hearing Part 1" – via YouTube.
  153. ↑ http://r.duckduckgo.com/l/?kh=-1&uddg=http%3A%2F%2Fisaacbrocksociety.ca%2Fwp-content%2Fuploads%2F2013%2F06%2FTreasury-statements-at-EU-FATCA-Public-meeting-22-May.doc
  154. ↑ Avi-Yonah, Reuven S., Mazzoni, Gianluca. "Taxation and Human Rights: A Delicate Balance (September 5, 2016)". U of Michigan Public Law Research Paper No. 520.
  155. ↑ "Parada, Leopoldo (2015): Intergovernmental Agreements and the Implementation of FATCA in Europe, (Volume 7), No.2, 24 June". World Tax Journal. "Neither the IGAs nor the OECD Common Reporting Standard (CRS) or the new achievements on automatic exchange of information at the EU level say much about this. In this regard, a coordinated international standard of data protection rules for taxpayers would seem reasonable."
  156. ↑ "Article 29 Data Protection Working Party: Guidelines for Member States on the criteria to ensure compliance with data protection requirements in the context of the automatic exchange of personal data for tax purposes, adopted on 16 December 2015". European Commission.
  157. ↑ Till undantagen räknas de fall då den registrerade168 gett sin tillåtelse,om informationsutlämningen krävs på grund av myndighetsutövning
  158. ↑ Vidare är behandlingen av personuppgifter tillåten om intresset av informationsutlämningen väger tyngre än skyddet för den personliga integriteten samt om personuppgiftsansvarige eller tredje man som tar emot personuppgifter ska kunna genomföra en arbetsuppgift på grund av myndighetsutövning
  159. ↑ det är förbjudet att föra över personuppgifter till tredje land om landet inte har en adekvat skyddsnivå
  160. ↑ Enligt artikel 8 punkt 1 har varje människa rätt till respekt för sitt privatoch familjeliv. Enligt artikel 8 punkt 2 får offentlig myndighet inte inskränka den rättigheten annat än med hänsyn till exempelvis statens säkerhet, den allmänna säkerheten, eller landets ekonomiska välstånd. "Är FATCA förenligt med svensk rätt och EU-rätt?" Simon Jisander, Uppsala University Juridiska institutionen, 2015, p51
  161. ↑ kan det konstateras att varken statens säkerhet, den allmänna säkerheten eller skydd för hälsa eller moraleller för andra personers fri- och rättigheter är relevanta undantagsgrunder i detta fall. De undantagsgrunder som däremot blir intressanta är landets ekonomiska välstånd på grund av den källskatt som påförs transaktioner "Är FATCA förenligt med svensk rätt och EU-rätt?" Simon Jisander, Uppsala University Juridiska institutionen, 2015, p51
  162. ↑ "Judgment in Case C-362/14 Maximillian Schrems v Data Protection Commissioner: The Court of Justice declares that the Commission's US Safe Harbour Decision is invalid" (Press release). Court of Justice of the European Union. 6 October 2015. Retrieved 7 October 2015.
  163. ↑ Enligt direktiv 2000/520/EG156, punkt 5, anses adekvat skyddsnivå uppnådd för USA endast då informationen skickas til en organisation som följer de så kallade Safe Harbor Privacyprinciperna. "Är FATCA förenligt med svensk rätt och EU-rätt?" Simon Jisander, Uppsala University Juridiska institutionen, 2015, p54
  164. ↑ På amerikanska handelsministeriets158 hemsida finns en lista över de organisationer som anslutit sig till dessa principer. IRS finns inte med i denna lista "Är FATCA förenligt med svensk rätt och EU-rätt?" Simon Jisander, Uppsala University Juridiska institutionen, 2015, p54
  165. ↑ "Baker, Keir: Accidental Americans: The US Citizenship Conundrum, 5 January 2016". Keepcalmtaxlaw.
  166. ↑ Lagen om insättningsgaranti (1995:1571), hädanefter IGL, kan enligt Ulrika Hansson tolkas som att finansiella institut såsom banker kan omfattas av insättningsgarantin vilken innebär att ett inlåningskonto måste öppnas för den som så önskar. Om en FFI inte ser någon annan utväg än att avsluta konton ägda av motsträviga klienter kan detta strida mot rätten att inneha ett inlåningskonto menar hon."Är FATCA förenligt med svensk rätt och EU-rätt?" Simon Jisander, Uppsala University Juridiska institutionen, 2015, p55
  167. ↑ "FATCA self-certification could cause headaches for financial institutions". August 25, 2015.
  168. ↑ "Resolution to Repeal the Foreign Account Tax Compliance Act (FATCA)" (PDF). abolisfatca.com.
  169. ↑ http://americansabroad.org/files/6513/6370/3681/finalsubrbtmarch2013.pdf
  170. ↑ "Bugnion, Jackie and Roland Crim (Directors, American Citizens Abroad, Inc.): "Thank You, Mayor Boris Johnson, For Speaking for Many" In: Letters to the Editor of TAX NOTES, PDF" (PDF). December 1, 2014.
  171. ↑ "ACA believes that instead of fighting FATCA with efforts to repeal—essentially telling the Congress that we believe there is no need to combat tax evasion—ACA should fight FATCA on its specific negative effects on the community of Americans overseas", "News Update: 4th Quarter 2015". January 1, 2016.
  172. ↑ "Hatch, Wyden Launch New Effort to Seek Input on Bipartisan Tax Reform - The United States Senate Committee on Finance".
  173. ↑ "The United States Senate Committee on Finance".
  174. ↑ "The United States Senate Committee on Finance".
  175. ↑ "Superlawyer Jim Bopp takes on McCain-backed tax act that targets Americans overseas". The Washington Times.
  176. ↑ "Preliminary Opinion on Potential Claims against FATCA and FBAR" (PDF).
  177. ↑ "FATCA Legal Action".
  178. ↑ http://www.washingtontimes.com, The Washington Times. "Rand Paul to sue IRS, U.S. Treasury".
  179. ↑ "Hearing Set on Injunction to Stop FATCA Reporting".
  180. ↑ 163 DTR K-7, 8/24/15
  181. ↑ "Group plans constitutional challenge to budget bill". Toronto: theglobeandmail.com. June 30, 2014.
  182. ↑ "Issue".
  183. ↑ Wood, Robert W. "Canadians File Suit To Block FATCA And Prohibit Handover Of U.S. Names To IRS". Forbes.
  184. ↑ Trichur, Rita (August 12, 2014). "U.S. Expats Sue Over Canadian Deal to Tell Washington About Their Accounts". The Wall Street Journal.
  185. ↑ "Dual citizens sue feds over FATCA tax deal with U.S.". Global News.
  186. ↑ The Isaac Brock Society
  187. ↑ Maple Sandbox
  188. ↑ calgary411 (July 28, 2014). "Human Rights Complaint on behalf of ALL *U.S. Persons Abroad* has now been submitted.".
  189. ↑ "IRS.gov 404 Error Page".
  190. ↑ "From The Desk of John Richardson: Co-chair ADCS-ADSC.ca – Amendments to Statement of Claim". October 9, 2014.
  191. ↑ "IRS Releases Guidance on Foreign Financial Asset Reporting". Internal Revenue Service. December 14, 2011.
  192. ↑ 76 FR 78553 of December 19, 2011. 76 FR 78594 of December 19, 2011.
  193. ↑ 77 FR 23391 of April 19, 2012
  194. ↑ "Treasury, IRS Issue Proposed Regulations for FATCA Implementation". Internal Revenue Service. February 8, 2012.
  195. ↑ "Treasury and IRS Issue Proposed Regulations Under the Foreign Account Tax Compliance Act to Improve Offshore Tax Compliance and Reduce Burden". United States Department of the Treasury. February 8, 2012.
  196. ↑ 77 FR 9022 of February 15, 2012
  197. ↑ "Treasury and IRS Issue Final Regulations to Combat Offshore Tax Evasion". United States Department of the Treasury. January 17, 2013.
  198. ↑ 78 FR 5874 of January 28, 2013.
  199. ↑ 78 FR 79602 of December 31, 2013. 78 FR 79650 of December 31, 2013. 78 FR 79652 of December 31, 2013.
  200. ↑ "Treasury Releases Last Substantial Rules Package to Combat Offshore Tax Evasion". United States Department of the Treasury. February 20, 2014.
  201. ↑ 79 FR 12725 of March 06, 2014. 79 FR 12811 of March 06, 2014. 79 FR 12867 of March 06, 2014. 79 FR 12879 of March 06, 2014.
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  205. ↑ "Key Aspects of the FATCA Regime" (PDF). Shearman & Sterling LLP. May 15, 2012.
  206. ↑ Christians, Allison (February 11, 2013). "The Dubious Legal Pedigree of IGAs (and Why it Matters)". Tax Notes International. Tax Analysts. 69 (6): 565. SSRN 2280508Freely accessible.
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  212. ↑ "2016 Presidential Candidates & Election News". ABC News.
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  214. ↑ Комментарий Департамента информации и печати МИД России в связи с сообщениями СМИ о подготовке российско-американского соглашения об обмене налоговой информацией (Press release) (in Russian). Russian Ministry of Foreign Affairs. November 2, 2013.
  215. ↑ Putin Signs Last-Minute Law to Satisfy FATCA by Delphine d'Amora, Jun. 30 2014, Moscow Times
  216. ↑ Intergovernmental agreement monitor, PwC
  217. ↑ "Bangladesh Bank suggests FATCA reporting by local banks". Resource portal of OGR Legal. Retrieved 18 October 2014.
  218. 1 2 "Federal Council brings FATCA Act into force". The Federal Authorities of the Swiss Confederation. June 6, 2014.
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  220. ↑ TEXT OF THE FATCA COMMENT LETTER SUBMITTED BY AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED, 7 June 2011
  221. ↑ "the US legislation prima facie breaches New Zealand privacy and tax laws, which will" p15, The Treasury Budget 2014 Information Release Release Document, July 2014
  222. 1 2 http://uu.diva-portal.org/smash/get/diva2:792177/FULLTEXT01.pdf
  223. 1 2 3 4 "U.S. Treasury FATCA Resource Center". U.S. Treasury Department.
  224. ↑ Upadhyay, Jayshree P. "Sebi flags down govt on India-US tax pact".
  225. ↑ "Australia-US Intergovernmental Agreement (IGA) to improve international tax compliance and to implement FATCA (the US Foreign Account Tax Compliance Act)". Australia Department of the Treasury.
  226. 1 2 3 4 5 6 7 8 9 10 11 12 "2014 Treaties and Agreements". United States Department of State.
  227. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 "2015 Treaties and Agreements". United States Department of State.
  228. ↑ "Entry into Force of the Information Exchange Agreement between Canada and the United States". Department of Finance Canada. July 2, 2014.
  229. ↑ "Legislative Proposals Relating To the Canada–United States Enhanced Tax Information Exchange Agreement". Department of Finance, Canada. Retrieved March 5, 2014.
  230. 1 2 "Bilateral Pacts Represent First FATCA Agreements in the Caribbean". Tax Analysts. November 29, 2013. Retrieved December 3, 2013.
  231. ↑ "L 67 - Forslag til lov om ændring af skattekontrolloven og forskellige andre love. (Indberetning og automatisk udveksling af skatterelevante oplysninger om finansielle konti samt ophævelse af bagatelgrænser for ind- og udbetalinger m.v).". Folketinget.
  232. ↑ "Høringsdetaljer - Høringsportalen".
  233. ↑ PricewaterhouseCoopers. "Dansk lov om FATCA".
  234. ↑ "Treaties in Force 2014" (PDF). United States Department of State.
  235. 1 2 3 "TAXATION (International Tax Compliance) (Crown Dependency [CD]) Regulations 2014, Guidance notes" (PDF). January 31, 2014. Retrieved March 6, 2014.
  236. ↑ "2013 TNT 243-24 MALTA ANNOUNCES SIGNING OF FATCA AGREEMENT WITH U.S..". Tax Analysts. December 18, 2013.
  237. ↑ U.S.-Mexico FATCA agreement Article 10(1) "The Agreement shall enter into force on January 1st, 2013 and shall continue in force until terminated."
  238. ↑ 2nd U.S.-Mexico FATCA agreement Article 10(1)
  239. ↑ http://www.webcitation.org/6WIDVMV0W
  240. ↑ "Briefwisseling tussen Nederland en de VS". Government of the Netherlands. April 28, 2015. Retrieved April 28, 2015.
  241. ↑ "Foreign Account Tax Compliance Act (FATCA) - U.S. Reportable Accounts Guidance Notes" (PDF). Inland Revenue, New Zealand. July 9, 2014. p. 3, Introduction (1).
  242. ↑ "2013 Treaties and Agreements". United States Department of State.
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  245. ↑ "Entry into force of FATCA agreement between Switzerland and United States was delayed by six months". September 30, 2013.
  246. 1 2 Lee, Matthew D. (September 18, 2015). "FATCA Update: Treasury Relaxes September 30 Deadline for Model 1 IGA Jurisdictions to Exchange Tax Information".
  247. ↑ Internal Revenue Service Notice 2015-66
  248. ↑ Perryman, Haydon; CGMA (September 14, 2015). "Croatia to Delay Implementation of FATCA Agreement".
  249. ↑ Cagahastian, David (September 13, 2015). "Fatca terms moved forward 6 mos to Q2 2016".
  250. ↑ "BELGIUM: UPDATE ON FATCA REPORTING FOR 2014". September 14, 2015.
  251. ↑ https://home.kpmg.com/content/dam/kpmg/pdf/2015/09/belgium-fatca-14-sept-2015.pdf
  252. ↑ "OECD". OECD.
  253. ↑ "The CRS is also informally called 'GATCA', referring to the 'globalization' of FATCA."William Byrnes blog, July 4, 2014
  254. ↑ Robert Goulder (29 June 2016). "Should The U.S. Adopt The OECD's Common Reporting Standard?". Forbes. Retrieved 16 August 2016.
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