Posted on December 1, 2014 by Tim Posted in Issues regarding US persons abroad 17 Comments At the Vancouver Convention Center Brian Ernewein, General Director, Tax Policy Branch, Department of Finance, Government of Canada (second from left) and Robert Stack, Deputy Assistant Secretary (International Tax Affairs) U.S. Department of Treasury (second from right) Share this:TwitterFacebookEmailLike this:Like Loading...
Someone needs to wave placards in Mythter Stack’s face.
Oh, look, Roy Berg’s there, too.
And Kim Moody too.
Roy Berg is presenting on his favourite topic… “to ensure compliance with FATCA.”
If politics is show-biz for ugly people, then what is a convention hall full of FATCA-compliance hacks?
Roy Berg and Robert Stack tag-teaming US tainted persons in Canada.
The sanction of 30% withholding is now going to be applied, according to Mr. Stack, on the basis of the US Treasury’s subjective judgment about whether 110 or more countries are showing “firm resolve” to finalize their IGAs! Who in the world would by choice do business with an outfit that arrogantly makes up the rules as they go along? We know what comes after hubris in Greek tragedy…
“Under the IRS’s Announcement 2014-38, issued Dec. 1, jurisdictions can continue to be treated as though they have an IGA in effect after Dec. 31 as long as Treasury determines they are making efforts to sign the agreements as soon as possible.
Deputy Assistant Secretary for International Tax Affairs Robert B. Stack said the government will offer this positive treatment “provided those jurisdictions demonstrate firm resolve to sign the agreement.””
I can dream about what would happen to FATCA if, come December 31, all 110 of those countries that haven’t yet signed their IGAs simply downed tools.
The remuneration for speaking at trade conferences often consists of reimbursement for travel expenses and a bottle of wine. These are some possible reasons why people do it:
2) The boss said to do it
3) Drum up future business
4) Looking for a new job
I would venture a guess that Robert Stack is presenting in Vancouver for reasons that primarily include 3) and 4). At some point he will return to a law firm as a tax partner to earn $1 million, similar to what Kathryn Keneally did.
A Bloomberg article explains more about the revolving door between the US government and law firms:
“Waving his hands back and forth as if tracing a pendulum’s swing, Hicks explained how four government attacks over three decades had failed to stop the practice. “There’s been lots of law thrown at these transactions,” he said at the January session.
Hicks ought to know. He was the one doing the throwing, during four years as a top government tax lawyer. Then, he returned to private practice and helped set in motion a spree of inversions that a congressional panel estimates will cost at least $19.5 billion in lost tax revenue over the next decade. ”
Annual profits per partner at Skadden, Arps, where Hal Hicks hired on, is $2.7 million:
Where is the Canadian government? Why should a high official of a foreign country be allowed to enter Canada with the sole purpose of implementing that country’s tax laws within the borders of Canada?
@Petros. The Canadian government is sitting right there. Brian Ernewein and Robert Stack were on the same panel. how cozy.
Tim even has a photo of it. I have no idea how to post that in a comment here or if it is even possible.
I also have no idea where Tim got the photo. For three years, I have been constantly amazed at what he uncovers.
I couldn’t agree more, Petros. It is also sad that the conventioneers will not see any visible evidence of protest against FATCA. It’s too bad we didn’t know about this earlier. But even if we had, how many of us would have been willing to go on camera? It’s all just so sad.
Yes I have a picture of Brian Ernewein and Robert Stack. Can’t find a way to upload it.
Tim — if you send it to me again, I know how. I will stick it into your post. (I just deleted that email this morning.)
OH! The Mythical Mr. Stack is coming to Vancouver? Hope some of you “myths” will be there as aparitions of course to prove your exsistence. The Canadian government is bit by bit selling Canada to the U.S.
@Atticus: Diane Francis suggested selling Canada to the US. Harper is giving it away for nothing.