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The Isaac Brock Society

Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)

You can access all years at this link: Media and Blog Articles – Links for All Years

 If clicking on a comment link brings you to the wrong comment, click here  to get on the most recent page of comments.(alternatively, to reach the most recent comment page, go to  the url in the bar at the top of your browser and delete everything after http://isaacbrocksociety.ca/media-and-blog-articles-open-for-comments-part-3-of-3  )

Media and Blog Articles

EmBee suggested that it would be good if there was a thread for new articles, so that people would be aware of where to comment. So, I created this permanent page.  You could mention such articles in the comment stream for this page, or if I see one on another thread, I can copy the link to here. I’ll keep adding to the list, but not deleting, so we’ll end up having sort of a  “bibliography” of FATCA/CBT articles.  [Note:  Some articles are not open for comments]

For more articles on FATCA, enter FATCA into Google then click on the link “more news for fatca” just below the most recent featured article.

Note also: JC suggests to see #FATCA on Twitter for latest breaking news. JC finds that is quite a good source and there even are some international articles that one may read using Google Translate.” Others may help certain tweets and articles remain in elevated position by retweeting them.

Be sure to read the comment stream for this thread — there are usually very recent articles mentioned there that aren’t on this list yet.

2016.12.29
Switzerland moves further to end bank secrecy, Financial Times, UK.
2016.12.23
How FATCA Infringes and Trammels our Statehood, Stephen Kangal, Trinidad and Tobago News, Trinidad and Tobago.
Barclay’s chief preparing to take a stand against US regulators over unduly high fines to European banks, James Quinn, The Telegraph, UK.
2016.12.22
Canada refuses to name bank that broke money laundering rules 1225 timtes, Mike De Souze, Robert Cribb & Marco Oved, National Observer.
Financial Intelligence agency gave bankers head up about money laundering disclosure, Mike De Souza, Robert  Cribb & Marco Oved, National Observer.
2016.12.21
US citizens may pay double tax on Kahlon’s child savings program, Michael Zeff, Jerusalem Post, Israel.
Applying to be Swiss in the Trump Era, Steve Krump,  SwissInfo, Switzerland.
2016.12.20
File That Tax, Boom Chicago, YouTube, Netherlands.
Tijuana City Councilman Faces US Money Laundering Charges, Sandra Dibble and Dana Littlefield, San Diego Union, US.
2016.12.19
Senate Report Finds IRS Agents Living Large on Public’s Dime, Guillermo Jiminez, Tax Revolution Institute, US.
AG to UNC: Come to Parliament first – a Joint Select Committee to deal with FATCA . . ., Ria Taitt, Daily Express, Trinidad.
Rand Paul criticizes framework of tax reform plan, Naomi Jagoda, The Hill, US.

Articles from earlier 2016 are at this link

Articles from 2015 are at this link

Articles from 2014 are at this link

Media and Blog Articles  thread, Part 1 of 3, is at this link.

Media and Blog Articles thread, Part 2 of 3 is at this link.

 

2,818 thoughts on “Media and Blog Articles Open for Comments – Part 3 of 11 (Year 2016)”

  1. BB This is the IGA

    https://www.fin.gc.ca/treaties-conventions/pdf/FATCA-eng.pdf
    See Article 10 para 3 on page 47

    ‘The Parties shall, prior to December 31, 2016, consult in good faith to amend this Agreement as necessary to reflect progress on the commitments set forth in Article 6 of this Agreement.”

    Article 6 is about ‘reciprocity’

    However, I fear you will be wasting time and paper; there is no intent to consult on amending the agreement.

    Pam doesn’t respond to me either. I handed copies of my letters directly to her assistant at the meeting she had in West Vancouver about Bill C-14. No joy.

  2. In the UK IGA, Article 2 states what information the UK wants the US to report. Nationality isn’t included. Doesn’t seem like it would be relevant for a RBT country.

    b) In the case of the United States, with respect to each United Kingdom Reportable Account of each Reporting U.S. Financial Institution:
    (1) the name, address, and date of birth of any person that is a resident of the United Kingdom and is an Account Holder of the account;
    (2) the account number (or the functional equivalent in the absence of an account number);
    (3) the name and identifying number of the Reporting U.S. Financial Institution;
    (4) the gross amount of interest paid on a Depository Account;
    (5) the gross amount of U.S. source dividends paid or credited to the account; and
    (6) the gross amount of other U.S. source income paid or credited to the account, to the extent subject to reporting under chapter 3 or 61 of subtitle A of the U.S. Internal Revenue Code.

    As I understand it, this is all stuff the IRS already has (but can’t pass on to the UK) except for date of birth. That gets a special commitment all its own, under Article 6.

    Personally I don’t think it represents any kind of difficulty for the US. They’ll just add a letter stating that the two parties have met, and have welcomed the progress so far, and have agreed to meet again before 31 Dec 2018.

  3. Thanks very much for the link, DoD.

    I could see the US amending the “agreement” to say that it’s no longer going to pursue reciprocity, and the Canadian government agreeing, can’t you? After all, why bother trying?

    At least Pam’s consistent with you in that she’s NEVER responded to you (correct me if I’m wrong), instead of having her assistant string me along in thinking Pam as my MP was actually working to fulfill the request I ended up going directly to the RM with.

  4. @Bubblebustin – this is part of what I’m trying to organise in Australia. Any Australians that want to help, see my comment here: http://isaacbrocksociety.ca/fatca-and-australia/comment-page-37/#comment-7640540

    It would be great if our countries would insist on full reciprocity. Realistically, I don’t think they’ll amend anything except possibly extending the deadline. However, this is an opportunity for all IGA countries to express their displeasure at the lack of reciprocity and the drain of CBT on their economy. For Australia, it is also an opportunity to highlight to the US the urgency of coming to the table to negotiate a new tax treaty.

  7. @Bubblebustin
    I am posting the survey link on Facebook and have emailed it to several people with instructions to forward it on to relevant parties. The response rate is low – but still it’s giving me an indication of preferences.

  11. “https://haydonperryman.com/2016/08/11/us-inches-closer-to-reciprocal-disclosure-or-only-making-noises/”

    Interesting!

    Doesn’t seem to be related to the BMO FATCA letter, though, given that these new CDD Regulations only became effective in July 2016.

  17. @JC,
    A whole article about Americans in the UK and no mention of the hassles the dems have caused. Pretty shoddy reporting.

  18. Back in early 2010 I was recruited by a mid size construction company based out in Doha, Qatar. At the time I took the job, the company was struggling and at the verge of collapsing. I saw an opportunity and agreed a compensation package that included an option granting me 20% share in the company upon returning a three year of consecutive profit.
    By the end of 2014 fiscal year, the company had reported three years of uninterrupted profitability and so I decided to exercise my right for the 20% share.
    The major shareholder -a local financial institution- bluntly rejected my claim on the basis that I shall be required to report certain sensitive company information to the IRS and furthermore in a case of an audit their books may be totally exposed and will have to be made available to IRS agents!
    This major shareholder went even further and demanded that the signatory authority I had on company bank accounts be revoked.
    I spent a significant amount of money in legal fees trying to fight an uphill battle against a local financial institution backed by some of the most powerful local elites.
    Before long, I ended up losing not only the legal case, but also my career with the company and a major part of my hard earned money.

  19. @ Mike
    What a perfect illustration of the bad fallout from FATCA. How I wish you were a Canadian resident so you could enter your testimony into the ADCS lawsuit. I wish you a swift recovery from this big setback in your life.

  20. @Bubblebustin – Thanks.
    I’m now up to 32 responses to my survey – a very small percentage of the 100k+ affected Australians, but a good start, and a reasonable spread around the country. Looks like I’ll be spending my weekend building a website and getting ready to launch a facebook group.

  21. @Karen

    Good on you. I wish we had more of you around the world.

    @Mike

    Stories like you make me want to scream at the injustice. Land of the free? Only for those who never exercise their freedom. Have you told your story to any of your representatives?

  24. I like Tim Cook’s style:

    http://www.cnbc.com/2016/08/14/tim-cook-addresses-apples-us-taxes-says-no-repatriation-without-fair-rate.html

    Not that Hillary’s 2015 tax return shows she only owns Vanguard 500 index fund so she owns a bit of Apply. She owns something like $4.5M in the fund so we could work it out. I found it strange that somebody who thinks they can invest my money better than me would have a portfolio that’s not even diversified in the US since it is all large CAP.

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