Well, you don’t get much bigger than the entire universe:
“The signing of the FATCA IGA is universal… Also, contrary to what others claim, this is not about selling out anything,” Premier Dr. the Hon. D. Orlando Smith announced during a press briefing on 8 July. The BVI Leader made the comment as he announced that Government signed a Model 1B intergovernmental agreement (IGA) in relation to the United States (US) Foreign Account Tax Compliance Act (FATCA) on June 30.
Dr. Smith explained that FATCA is a United States federal law that is universal, and requires United States persons living outside the United States to report, among other things, their income to the US Government.
The BVI Leader further defended the decision to sign on to FATCA by stating: “I said this before and I will say it again, we are doing merely what a responsible government should do: one, alleviate the burden on its citizens to comply with this universal law; and two, protect our financial services industry by helping the financial institutions to comply with this obligation.”
We’ve been saying for some time that the IRS seeks to tax US Persons no matter where in the universe they live. This appears to be the first time that a government official anywhere on this insignificant planet has confirmed this fact on-the-record.
Well at least BVI government spent time, effort and money informing it’s citizens of the looming FATCA issues which is more than any other government did.
True. Certainly more than the IRS has ever done in the 42 years since FBARs came into being.
FATCA signing might be “universal” but, CBT is not by a long shot. When informing it is important to not leave out some information in favour of other information. This is called lying by omission.
Perhaps Orlando Smith would feel different if the US changes the definition of ‘US Person’ and finds himself included in FATCA.
I suspect his opinion would change real quick.
That’s the danger FATCA holds for anyone.
Time to sign up for your IGA—everybody else is signing
Lets ask him what he thinks of the Eritrean tax system. I wonder if it will be “Universal” as well…..
It is “universal” because the USA made a UNIVERSAL threat of sanctions if their laws were not allowed to override “universal” laws and laws in other countries. This has gone way too far. The USA must be stopped and stopped now.
This one is a propro:
From Wikipedia: “Because of their association with this odd behavior, lemming “suicide” is a frequently used metaphor in reference to people who go along unquestioningly with popular opinion, with potentially dangerous or fatal consequences”. Replace lemming with fatca.
A lot of horrible things have been “universal” throughout the history of mankind.
Good point Bubblebustin.
When can we look forward to a similar Canadian statement by one of the Conservative MPs – like Keddy, or Adler, or Mike Allen – assuring us that Canada signed up because of this universal law ( how grandiose a claim) – or is it unstated in Canada yet because they take it for granted – the US is the Universe – or at least the sun, and Canada revolves around it – as the Harper MP said; “Congress has spoken”?
What other US laws are we to consider ‘universal’?
There appear to be only 2 significant letters in UniverSe now. Somehow the US managed to subvert and subjugate all the other letters, and the “v” and the “i” seem to be particularly enthralled by this UniverSal takeover. Next thing you know, every letter in the alphabet, whether written, read, spoken or thought, will be under the domain of the US. Isn’t that why the NSA was created? As for numbers, well the US created FATCA for those. All your bank account numbers are now under the control of the big Number One, the leader of the whole UniverSe, the Grand Poobah of the Galaxy. Now everybody chant USA! USA! USA! and be sure to watch all
yourtheir “p’s” and “q’s”.
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