Note: as in other cases, so far this is only talk…
“Russia and the US are reportedly going to sign an account information sharing agreement by 2013. The step is expected to improve international tax compliance under the US Foreign Account Tax Compliance Act (FATCA)…
“The authorities have to agree on the mechanism of information sharing and there are several options on the table, including banks signing individual agreements with the IRS or reporting through the national regulator. Russia supports the scenario where banks report to the Federal Tax Service, the Russian tax authority, and it provides information to the IRS, Izvestia daily reported. A similar mechanism is implemented in France, Germany, Japan and Switzerland…
“Deputy PM Igor Shuvalov reportedly plans to discuss the issue with the US authorities during his upcoming visit to Washington, according to the newspaper.”
Full article: http://rt.com/business/news/russia-us-account-share-749/
*Hell has frozen over.
Here’s one I hadn’t yet seen (FATCA is one manifestation):
I have to say that I’m shocked that the world is accepting US demands so easily. But I still believe that South America will protest.
This is all a bad dream. Perhaps we are the very few hallucinating while the rest of the world has it all figured out. Thanks, fellow Brockers, for keeping each other sane and continuing to fight the good fight.
Let me offer a reading here…
We know that the US is representing discussions with the famous 50 countries as essentially done deals, when clearly they are not. But what about the other countries? Are they necessarily caving in? They are caught between a rock and a hard place. Maybe they are playing for time. Maybe they can’t decide what to do and talking with the US is better than stonewalling. It might head off the day of doom just a bit.
@Northern Shrike, The US and the countries with which it’s seeking a FATCA agreement represent 74% of the world’s GDP. The rest of the world, as usual, is ignored.
Besides China, another country that is surprisingly absent from the list is Austria. Although not as famous as Switzerland as a country where foreigners deposit their money, Austria has similar bank secrecy laws and neutrality.
Thought I would put this article of Russia up here. Do you think these guys are going to do anything to help America with FATCA, or sign an IGA?
America’s New Cold War With Russia
FATCA / Russia? Ain’t gonna happen.
http://www.bbc.co.uk/news/world-europe-22529251
http://blogs.wsj.com/washwire/2013/05/14/purported-spy-letter-we-offer-up-to-1000000-a-year/