EU says it ‘deplores lack of FATCA reciprocity,’ in document implementing tax info exchange texts

In an 18-page document mostly containing formal texts having to do with the implementation of EU requirements for the exchange of tax information, the European Parliament has devoted several paragraphs to criticizing the 2010 U.S. tax evasion-prevention law known as FATCA, saying that it "deplores" FATCA's "lack of reciprocity," and adds that it is resulting in "the United States becoming a significant enabler of financial secrecy for non-U.S. citizens" as a result.

  • News

Dutch lawmakers to again address FATCA, on Tuesday

This coming Tuesday, members of the Dutch House of Representatives will once again take up the issue of the American tax evasion prevention law known as FATCA, and the problems it is continuing to cause for thousands of Dutch citizens with mostly historic links to the U.S.

  • News

U.S. Senate's Wyden queries Swiss bank over its historic FATCA compliance of billionaire's accounts

Senate Finance Committee Chair Ron Wyden (D-Oregon) has written to a senior official at Mirabaud, a Geneva-based bank, to enquire about the way it complied with FATCA during the time it was looking after money belonging to a U.S. billionaire, who was indicted in October, 2020, by the U.S. Justice Department for various financial offenses, including tax evasion, failure to file Foreign Bank Account Reports, according to documents posted on the U.S. Senate Finance Committee's website.

  • News

U.S./European group claims EU discriminates by barring 'U.S. Persons' from Covid bonds

A recently-formed alliance of "accidental Americans" in the Netherlands and a group calling itself Bi-National European Investment Bankers (BiNEIB) is urging the European Parliament to end what they call the "discriminatory, fundamental rights-violating" practice of prohibiting U.S. citizens resident in the EU, as well as EU/U.S. dual citizens, from being able to purchase so-called EU SURE and Next Generation EU (NGEU) bonds.

Looming confrontation seen between U.S. and its FATCA signatories, as 'FATCA II' takes shape in Washington

As the dust begins to settle on the latest revelation of the gap between what America's wealthiest are paying in federal income taxes, and ordinary, law-abiding American taxpayers are – which came earlier this week, in the form of a major report by the non-profit, New York-based ProPublica investigative journalism organization – expat Americans, tax experts and others are seeing a growing confrontation developing.

  • News

Questions being asked, after info request revelations of Canadian FATCA transfer data

American expats and spokespeople for organizations representing them have been asking questions about the scale of U.S. expat data being forwarded to the U.S. under the Foreign Account Tax Compliance Act, after the latest Canadian Revenue Agency (CRA) report of such data revealed that around two thirds of the accounts sent actually fell below the US$50,000 FATCA reporting minimum threshold

  • News
Subscribe to this RSS feed

Opinion

Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

Tax Research's Richard Murphy: The real Pandora Papers message – 'Offshore's big issue now is the fight to save democracy'

The world – including its banks, cross-border financial services institutions and even many governments – has come a long way since the Richard Murphy and others founded the Tax Justice Network in around 2003...

Oct-08-2021