Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making use of secret overseas bank accounts in order to avoid their tax obligations back home. 
 
Switzerland, where bank secrecy was enshrined in law, was an unsurprising favorite of many such wealthy individuals, but other jurisdictions were also named...

France's National Assembly approves FATCA reciprocity amendment, citing 'accidentels'

France's National Assembly on Tuesday approved an amendment to the government's latest finance bill that would require the U.S. government to ensure that U.S. banks and financial institutions provide the same information to France's government about accounts held by French taxpayers that French financial entities are currently providing annually to the U.S. government, as they're required to do by the U.S. law known as FATCA.

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John Richardson: 'The CRS ≠ FATCA'

When the U.S. Foreign Account Tax Compliance Act finally came into force around the world in 2014 –  four years after it was signed into law by President Obama – the Organisation for Economic Co-operation and Development was preparing its own account information reporting regulations package.

The Common Reporting Standard, as it was to be known as, differed from FATCA in that it was intended to be global, and fully reciprocal – meaning that those countries participating in the collecting and forwarding of information about other countries' resident taxpayer's financial accounts would expect to receive the same data about their taxpayers resident in that country... 

EU pushback on FATCA continues, as expats look for signs of commitment to their tax frustrations as election approaches

Following on from a written commitment made back in February by France's economy minister, Bruno Le Maire to the head of a France-based "accidental American" advocacy group – in which Le Maire stated that issues relating to the American law known as FATCA would be a priority during France's six-month Council of the European Union presidency, which began in January – a debate on the subject is now scheduled to take place in the Dutch House of Representatives (known as the Tweede Kamer) next week.

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Dutch news website picks up on anti-FATCA feeling in Europe

An English-language news website based in Amsterdam has become the latest non-U.S. media organization to highlight the struggles that overseas-resident Americans – "accidental or otherwise", as it says in its headline – are having, in dealing with the U.S. tax evasion-prevention law known as FATCA. 

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ACA: 'TIGTA report on FATCA is further proof that Congressional hearings are needed now'

A major new U.S. Treasury Inspector General for Tax Administration (TIGTA) report released last week, detailing what it says are a number of shortcomings in the way the IRS has overseen compliance with FATCA since it was introduced in 2010, is the latest in a growing body of evidence of the need for Congressional hearings to be held into some of the taxation and citizenship issues America's expats are currently struggling with.

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Opinion

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

Ross McGill: ‘FATCA isn’t the problem: CBT is’ 

In the early years of this century, a number of major media exposés reported how Homeland Americans, as well as rich people from other developed and developing countries, were making...

Mar-18-2023