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wiki:contents:fatca [2019/04/14 15:15]
karen [Measuring the Benefits and Impact of FATCA] Added link to 2018 TIGTA report
wiki:contents:fatca [2019/08/18 21:37] (current)
karen [Measuring the Benefits and Impact of FATCA]
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 In Australia little has been reported on the extent of FATCA reporting. When the first batch of accounts were transmitted to the IRS, The Australian reported(([[http://​www.theaustralian.com.au/​business/​economics/​ato-hands-over-bank-details-to-us-internal-revenue-service/​news-story/​31129a8375c08fa00835675be08e2e4e|ATO hands over bank details to US Internal Revenue Service (paywall)]] (24 Sept 2015) - {{:​wiki:​contents:​ato_hands_over_bank_details_to_us_internal_revenue_service.pdf |pdf}})) that details on more than 30,000 accounts containing more than $5billion had been transferred to the IRS. The quantity of data transferred in 2016 has not been publicly reported. Furthermore,​ there is no information as to the breakdown of reported accounts between resident and non-resident accounts and between individual and entity accounts. In Australia little has been reported on the extent of FATCA reporting. When the first batch of accounts were transmitted to the IRS, The Australian reported(([[http://​www.theaustralian.com.au/​business/​economics/​ato-hands-over-bank-details-to-us-internal-revenue-service/​news-story/​31129a8375c08fa00835675be08e2e4e|ATO hands over bank details to US Internal Revenue Service (paywall)]] (24 Sept 2015) - {{:​wiki:​contents:​ato_hands_over_bank_details_to_us_internal_revenue_service.pdf |pdf}})) that details on more than 30,000 accounts containing more than $5billion had been transferred to the IRS. The quantity of data transferred in 2016 has not been publicly reported. Furthermore,​ there is no information as to the breakdown of reported accounts between resident and non-resident accounts and between individual and entity accounts.
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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. We are still appealing this decision.
  
 Australia agreed to sign the FATCA IGA with the understanding that the US would, at least partially, reciprocate the data exchange. Clearly, much more information is needed to properly assess the costs and benefits to Australia of participating in FATCA. No data has been reported on what information Australia has received from the IRS that it would not have received in the absence of FATCA. ​ Australia agreed to sign the FATCA IGA with the understanding that the US would, at least partially, reciprocate the data exchange. Clearly, much more information is needed to properly assess the costs and benefits to Australia of participating in FATCA. No data has been reported on what information Australia has received from the IRS that it would not have received in the absence of FATCA. ​
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 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//.
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 +[[https://​www.haaretz.com/​israel-news/​business/​.premium-israelis-earned-1-08-billion-on-u-s-assets-in-2016-irs-data-shows-1.7688589|Israel reported]] that it had //​received//​ information from the IRS relating to 2016 on 40,000 US accounts owned by Israelis with gross earnings of $1.08billion ([[https://​web.archive.org/​web/​20190816052705/​https://​www.haaretz.com/​israel-news/​business/​.premium-israelis-earned-1-08-billion-on-u-s-assets-in-2016-irs-data-shows-1.7688589|WebArchive address]]). Note that earnings here includes "​capital gains",​ which is not required to be reported under FATCA. Most model 1 IGAs require the IRS to report interest and dividends, while partner countries must report interest, dividends, gross proceeds on sale of assets, and account balances.
  
  
wiki/contents/fatca.1555218946.txt.gz · Last modified: 2019/04/14 15:15 by karen
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