2022 FATCA Report: If US doesn't agree to amend #FATCA IGAs to include full reciprocity and respect GDPR (which it won't) options include: 1. Blocking law generally 2. Blocking law for @USAccidental 3. Deem #FATCA inapplicable to European residents period! europarl.europa.eu/RegData/etudes…
The very last paragraph explains that #FATCA is not in the spirit of multilateral cooperation. Basically it saying that the US is essentially a 100% taken and a 0% giver. But, we know that
A "blocking" statute is a law that "blocks" the application of certain laws ... en.wikipedia.org/wiki/Blocking_….
Apparently a contributor to @TaxNotes has reached the same conclusion ... taxnotes.com/tax-notes-toda…
And more ... orbitax.com/news/archive.p…
The report doesn't understand that the #FATCA IGAs are to allow European countries to implement US FATCA law as European domestic law. But, US FATCA law contains NO PROVISION for EXCHANGE of information. Therefore the IGAs cannot contain honest provisions for exchange of info.
A reminder that the #FATCA problem is caused by US @CitizenshipTax. Ending FATCA would NOT end #CBT, but ending severing US citizenship from US @TaxResidency would end the problems of #FATCA. citizenshipsolutions.ca/2022/08/23/for…
The August 29/22 letter from US Treasury to Dutch representative (discussing #FATCA issues) absolutely confirms US intent to impose US @CitizenshipTax on US born people with @TaxResidency in NL. citizenshipsolutions.ca/2022/09/11/aug…
ONLY severing citizenship from @TaxResidency solves problems of ALL #Americansabroad, ALL the time, under ALL circumstances. Commenter referring to EU report writes: "I fear if this happens - the impact of CBT is minimised to the point that many will stop caring and fighting"
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