Analysis of information sources in references of the Wikipedia article "Foreign Account Tax Compliance Act" in English language version.
The Federal Council approved the mandate for negotiations with the United States on switching to Model 1 on 8 October 2014.
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.
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.
[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[.]
According to one commentator, Congress enacted FATCA 'to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts'.
Accidental Americans may also include, but much fewer in number, those who innocently did not understand they were a US citizen and, therefore, had US tax and reporting obligations.
The CRS is also informally called 'GATCA', referring to the 'globalization' of FATCA.
Regelrådet anser att konsekvensutredningen inte uppfyller de krav som ställs i 6 och 7 §§ förordningen (2007:1244) om konsekvensutredning vid regelgivning. [The Swedish Regulatory Council considers that the consequence assessment does not meet the requirements set out in Sections 6 and 7 of the Ordinance (2007: 1244) on consequence assessment in regulations.]
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.
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.
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.
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.
Article 10, Term of Agreement, para 1. The Agreement shall enter into force on January 1st, 2013 and shall continue in force until terminated.
...the US legislation prima facie breaches New Zealand privacy and tax laws, which will impact on NZFIs' ability to comply
Accidental Americans may also include, but much fewer in number, those who innocently did not understand they were a US citizen and, therefore, had US tax and reporting obligations.
...the US legislation prima facie breaches New Zealand privacy and tax laws, which will impact on NZFIs' ability to comply
The Federal Council approved the mandate for negotiations with the United States on switching to Model 1 on 8 October 2014.
According to one commentator, Congress enacted FATCA 'to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts'.
