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wiki:contents:fatca [2019/10/09 08:08]
karen [Overview]
wiki:contents:fatca [2019/11/26 21:30]
karen [Measuring the Benefits and Impact of FATCA]
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 ===== Overview ===== ===== Overview =====
  
-The actual FATCA provisions are found in [[https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-4|Chapter 4 of the Internal Revenue Code]]. These provisions were unenforceable as written because they required Foreign Financial Institutions (FFIs) to comply regardless of whether compliance violated domestic law in their own country. The workaround to this problem was the development of Intergovernmental Agreements (IGAs). For an overview of FATCA in the context of the current repeal effort in the US Congress, see [[http://www.citizenshipsolutions.ca/2017/04/06/searching-for-uncle-fatca-where-is-he-what-does-he-do-why-is-he-a-danger-to-america-can-congressman-meadows-and-senator-paul-save-america/|this post]] on John Richardson's blog, Citizenship Solutions.+The actual FATCA provisions are found in [[https://www.law.cornell.edu/uscode/text/26/subtitle-A/chapter-4|Chapter 4 of the Internal Revenue Code]]. These provisions were unenforceable as written because they required Foreign Financial Institutions (FFIs) to comply regardless of whether compliance violated domestic law in their own country. The workaround to this problem was the development of Intergovernmental Agreements (IGAs). For an overview of FATCA see [[http://www.citizenshipsolutions.ca/2017/04/06/searching-for-uncle-fatca-where-is-he-what-does-he-do-why-is-he-a-danger-to-america-can-congressman-meadows-and-senator-paul-save-america/|this post]] on John Richardson's blog, Citizenship Solutions.
  
-=== FATCA Law ===+==== FATCA Law ====
  
- +More Information on Wikipedia: [[wp>FATCA]]
-More Information: [[https://en.wikipedia.org/wiki/Foreign_Account_Tax_Compliance_Act|Wikipedia - FATCA]]+
  
 A transcript of the House Ways and Means Committee Hearing on FATCA (5 Nov 2009) can be found [[https://www.gpo.gov/fdsys/pkg/CHRG-111hhrg63014/pdf/CHRG-111hhrg63014.pdf|here]]. (discussed [[https://www.facebook.com/groups/citizenshiptaxation/permalink/1359420197481058/|on FB]] and [[http://isaacbrocksociety.ca/2017/04/15/foreign-bank-account-reporting-and-tax-compliance-hearing-november-5-2009/|The Isaac Brock Society]]). Congressional voting on the HIRE Act can be found on [[https://www.govtrack.us/congress/bills/111/hr2847|govtrack]]. A transcript of the House Ways and Means Committee Hearing on FATCA (5 Nov 2009) can be found [[https://www.gpo.gov/fdsys/pkg/CHRG-111hhrg63014/pdf/CHRG-111hhrg63014.pdf|here]]. (discussed [[https://www.facebook.com/groups/citizenshiptaxation/permalink/1359420197481058/|on FB]] and [[http://isaacbrocksociety.ca/2017/04/15/foreign-bank-account-reporting-and-tax-compliance-hearing-november-5-2009/|The Isaac Brock Society]]). Congressional voting on the HIRE Act can be found on [[https://www.govtrack.us/congress/bills/111/hr2847|govtrack]].
  
 A collection of public submissions to the US and other governments on FATCA and its implementation can be found [[http://web.archive.org/web/20160309043637/http://bsmlegal.com/fatca-comments.asp|here]] (includes several submissions by Australian organisations).  A collection of public submissions to the US and other governments on FATCA and its implementation can be found [[http://web.archive.org/web/20160309043637/http://bsmlegal.com/fatca-comments.asp|here]] (includes several submissions by Australian organisations). 
-==== Australian Implementation ==== 
  
-Non-US financial institutions were put in a real bind by FATCA. Complying with FATCA would mean violating local law. To fix this, the US Treasury signed Inter-Governmental Agreements (IGAs) with more than 100 countries. These countries were forced to pass local implementing legislation to force (allow) their financial institutions to comply with US law. 
-  
-  * [[wiki:contents:fatca:Aus_FATCA_implementation|Australian FATCA Implementation]] 
   * [[wiki:contents:fatca:FATCA_v_CRS|FATCA vs CRS]]   * [[wiki:contents:fatca:FATCA_v_CRS|FATCA vs CRS]]
-  * [[wiki:contents:fatca:taxpayer_rights|Taxpayer rights]] 
- 
  
 +===== Australian Implementation =====
  
 +These pages discuss how FATCA was implemented in Australia.
 + 
 +  * [[wiki:contents:fatca:Aus_FATCA_implementation|Australian FATCA Implementation]]
 +  * [[wiki:contents:fatca:taxpayer_rights|Taxpayer rights]] (citing a report by the [[http://igt.gov.au/|Australian Inspector General of Taxation]])
  
-==== FATCA Implementation and Maintenance Costs ====+===== FATCA Implementation and Maintenance Costs ===
  
 To our best knowledge, there have been few published in-depth studies into the cost of implementing FATCA on Australian businesses nor on the Australian economy, although the sums involved are expected to be material. To our best knowledge, there have been few published in-depth studies into the cost of implementing FATCA on Australian businesses nor on the Australian economy, although the sums involved are expected to be material.
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 To fill this information gap, we did an FOI request at the end of 2017 - reported on the blog [[http://fixthetaxtreaty.org/2018/02/08/what-did-we-learn-from-our-ato-foi-request/|here]]. A request to update this data was made at the end of 2018, and denied by the ATO stating that releasing this data would harm the international relations of the Commonwealth. We requested an internal ATO review which upheld the original decision. We are currently appealing the decision with the Office of the Australian Information Commissioner. To fill this information gap, we did an FOI request at the end of 2017 - reported on the blog [[http://fixthetaxtreaty.org/2018/02/08/what-did-we-learn-from-our-ato-foi-request/|here]]. A request to update this data was made at the end of 2018, and denied by the ATO stating that releasing this data would harm the international relations of the Commonwealth. We requested an internal ATO review which upheld the original decision. We are currently appealing the decision with the Office of the Australian Information Commissioner.
  
-In Canada there has been an attempt to get similar information from the Canada Revenue Agency. As reported on the Isaac Brock Society website, a series of questions were officially [[http://isaacbrocksociety.ca/2016/01/22/bravo-mp-dusseault-for-keeping-the-pressure-up-on-fatca/|asked in Parliament]], and [[http://isaacbrocksociety.ca/2016/06/07/canada-revenue-answers-to-key-questions-on-what-fatca-turned-over-to-us-irs-in-2015/|answered by CRA]].+In Canada there has been an attempt to get similar information from the Canada Revenue Agency. As reported on the Isaac Brock Society website, a series of questions were officially [[http://isaacbrocksociety.ca/2016/01/22/bravo-mp-dusseault-for-keeping-the-pressure-up-on-fatca/|asked in Parliament]], and [[http://isaacbrocksociety.ca/2016/06/07/canada-revenue-answers-to-key-questions-on-what-fatca-turned-over-to-us-irs-in-2015/|answered by CRA]]. In 2019, additional data was released in Canada. [[http://isaacbrocksociety.ca/2019/11/12/canada-revenue-sent-information-on-900000-financial-records-from-canadian-residents-to-irs-for-2018-tax-year-so-what-did-we-get-in-return/|Canada Revenue Sent Info on 900,000 Financial Records From Canadian Residents to IRS for 2018 Tax Year]] and [[https://www.cbc.ca/news/politics/fatca-tax-us-canada-1.5353942|Nearly a million Canadian bank records sent to IRS]].
  
 On the US side, The Treasury Inspector General for Tax Administration (TIGTA) [[https://www.treasury.gov/tigta/auditreports/2018reports/201830040_oa_highlights.html|published a report in July 2018]] titled //Despite Spending Nearly $380 Million, The Internal Revenue Service Is Still Not Prepared To Enforce Compliance With The Foreign Account Tax Compliance Act//. On the US side, The Treasury Inspector General for Tax Administration (TIGTA) [[https://www.treasury.gov/tigta/auditreports/2018reports/201830040_oa_highlights.html|published a report in July 2018]] titled //Despite Spending Nearly $380 Million, The Internal Revenue Service Is Still Not Prepared To Enforce Compliance With The Foreign Account Tax Compliance Act//.
wiki/contents/fatca.txt · Last modified: 2019/11/26 21:30 by karen
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