Media and Blog Articles Open for Comments – Part 4 of 11 (Year 2017)
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-4-of-4)
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. I’ll make a permanent list of links posted here and keep adding to it, 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.
Notes:
From JC: 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.
From Badger: On an important archival note, please use the Internet Archive Wayback machine https://archive.org/web/ (see bottom right ‘Save Page Now’ box to enter URLs of webpages you want saved for posterity, and try to save backup copies of articles and other items of interest in some other form – such as a datastick or external drive. Some important and very significant webpages and the fulltexts of articles are no longer available (although some can be retrieved if someone using the Wayback machine saved 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.
2017.12.28
It’s time to address the double standard about tax havens, Angela Wrights, Macleans, Canada.
The US Is Becoming the World’s New Tax Haven, The Editors, Bloomberg View, US.
2017.12.21
Rep. Dina Titus Supports Americans Abroad Tax Reform, Democrats Abroad, US.
Now That The GOP Tax Bill Is Approved, The IRS Gets Busy, Brian Naylor, NPR, US.
2017.12.20
Taxpayers will have to wait to find out how they fare under new legislation , Renae Merle and Aaron Gregg, Denver Post (reprint from Washington Post), US.
U.S. Shareholders –Take Action by December 31, KPMG.
2017.12.18
Have You Ever Felt Sorry for the I.R.S? Now Might Be the Time, Patricia Cohen, New York Times, US.
2017.12.12
EU finance ministers issue warning to Trump over tax reforms, RTÉ, Ireland.
2017.12.11
Banque: les consequences étonnantes de l’accord FATCA, Edouard Lederer, Les Echos, France.
2017.12.10
As Australia ousts MPs with dual citizenship, Canada’s Parliament embraces many in its ranks, Kathleen Harris, Canada. (mentions MP who “assumed his U.S. citizenship was automatically rescinded because he did not meet several requirements for continued citizenship. [But when travelling to Washington] was told he was ineligible to enter the U.S. on a Canadian passport because he was a U.S. citizen. He was . . . allowed in on a one-time basis . . . it cost him $3,000 to later sort out the administrative requirements.”)
2017.12.09
The American Diaspora: Outreach and Organization, Victoria Ferauge, The Franco-American Flophouse, Japan.
2017.12.08
Foreign-owned banks to be hit by US tax rules, Financial Times, UK.
Trump Tax Plan Worries Europe, Christian Reiermann, Der Spiegel, Germany.
For articles earlier in 2017, click here.
Happy New Year to al at IBS. Thank you to all of you and may 2017 brings the world peace.
To make sure people have another chance at reading the material below, I’m reposting the link that @JC posted re:
” Heitor David Pinto’s paper on Constitutionality on citizenship-based taxation.
11.12.16″
https://drive.google.com/file/d/0B7VqDyDIAgW2VGVLNlpvNGRlM28/view
A must read.
Happy New Year, and best wishes for 2017 to all!
@ Pacifica777
Thanks for opening a new Media and Blog at the start of this new year. It helps my filing which is not exceptional like our badger’s (she amazes me) but an attempt at least. You and our other admins are such a quiet, efficient team working selflessly behind the scenes and we appreciate it. Cheers to you!
A summary of FATCA status by jurisdiction – written by Haydon Perryman
https://haydonperryman.com/by-jurisdiction/
Interesting section on reciprocity – does the fact that no country has challenged the US on failure to meet the reciprocity deadline in the IGAs mean that they are all fine with one-way information exchange?
I would recommend these:
https://home.kpmg.com/xx/en/home/insights/2015/03/taxnewsflash-fatca.html
http://www.ey.com/GL/en/SearchResults?query=FATCA&search_options=country_name
This source is very good:
https://ca.linexsystems.com/
You have to “Sign-Up” but it is entirely free. If you search for “FATCA” you’ll find most updates.
Canadian banks turn a blind eye to Chinese foreign nationals laundering money in Canada, but more than willing to turn Canadian’s banking info over to the IRS with no suspicion of wrong-doing:
http://app.scmp.com/scmp/mobile/index.html#/article/2058749/desktop
No commentary available, but can be retweeted;
http://www.guardian.co.tt/news/2017-01-01/kamla-write-pm-fatca
Originating from T&T, but makes many of the same argument we have made about infringement of sovereignty and national autonomy, rights, due process, constitutional law, etc.
ex.
“…..Persad-Bisssessar said the legislation needs to go to a JSC because it is complex and infringes on people’s rights.
“Our Constitution, which is the bedrock of our democratic society … our Constitution framers made sure that certain legislation required a special majority. You must pause for a cause and look at this legislation where rights are being breached,” she said……”…….
@Bubblebustin, the Canadian government would rather turn over to a foreign government the personal and financial data of lawabiding Canadian citizens and taxpayers with legal local accounts whose only ‘crime’ was a mere accidental US birthplace, US parentage, etc. AND abridge their Canadian constitutional and human rights than even merely identify true money launderers and their Bankster accomplices when actual charges are to be laid and actual crimes committed.
‘Canada refuses to name bank that broke money laundering rules 1,225 times’
”
……”…The records, released by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) through access to information legislation, are heavily censored but provide new details about FINTRAC’s first-ever penalty on a bank — $1.15 million, disclosed last April.
Bank identity still a secret
The documents revealed that the bank broke the rules 1,225 times, but the institution’s identity remains undisclosed.
Although FINTRAC also censored the name of the client in the documents, the dates and descriptions of his activities line up with Manitoba online pharmacy entrepreneur Andrew Strempler, who pleaded guilty to mail fraud charges in the U.S. in October 2012 after his shipments were found to contain counterfeit medication….”…….
http://www.nationalobserver.com/2016/12/22/news/canada-refuses-name-bank-broke-money-laundering-rules-1225-times
How can that possibly be defensible by Sunny J, the Minister of Finance, and M of Justice minions who’re fighting to defend FATCA and deny individual Canadians who’ve done nothing wrong their constitutional and privacy rights?
It is beyond disgusting.
Taken from the American Expatriates Facebook group.
IMPORTANT
Contact list here as Google spreadsheet:
Current Finance Committee and Ways & Mean Committee contact list
@Barbara
After all these years of witnessing absolutely no reaction to the 1000s of letters from suffering expats, I dont think personal sob stories, although not irrelevant, should be the main focus. I think the economic detriment for America should be emphasised. How business is hampered etc. Thats the only thing they care about.
I agree, Polly. My letters have tried to do both: citing the obstacles to my husband’s attempt to set up a business, in which venture capitalists and banks refused to provide/lend money, etc. etc. He went to work for a “foreign” (that is, local to us) company instead of realizing his dream. It’s not only a personal disaster for us, but a clear example of how CBT and FATCA are destroying the export of US goods and services through small entrepreneurial businesses. I think clear examples like this, rather than generalities about US business abroad, both tug at the heartstrings and appeal to the exceptionalist American economic imperialist lurking inside every Congress creature.
@Barbara
Yes!
The NY Times is asking their readers how they remember Obama.
To be sent to letters@nytimes.com with subject line “legacy”
I sent them a piece about how ironic that Obama, with his experience living abroad, had allowed others to be punished for this act, and will be remembered for this by Americans abroad.
Wow
http://www.trinidadexpress.com/20170104/news/call-trump
Interested parties may want a US lawyer to look at TD9809. (Due to be published 6 Jan, 2017)
https://s3.amazonaws.com/public-inspection.federalregister.gov/2016-31601.pdf
I have only just started reading the preamble.
Page 9 and 10 contain the following:
U.S. Person
The 2014 temporary regulations define the term U.S. person to include a person described in section 7701(a)(30), but do not specify whether a U.S. person includes a dual resident (that is, an individual who is considered a resident of the United States and also a resident of a country with which the United States has an income tax treaty). For purposes of chapter 3, a person that is a resident of a foreign country under the residence article of an income tax treaty and §301.7701(b)-7(a)(1) (which therefore includes a person that is a dual resident) is a nonresident alien individual. See §1.1441- 1(c)(3)(ii). The Treasury Department and the IRS have determined that the treatment of dual residents should be consistent in chapters 3 and 4 and that dual residents should be treated as non-U.S. persons for purposes of chapters 3 and 4. Accordingly, these final regulations revise the 2014 temporary regulations to provide that an individual will not be treated as a U.S. person for a taxable year or any portion of a taxable year that the individual is a dual resident taxpayer (within the meaning of §301.7701(b)-7(a)(1)) who is treated as a nonresident alien pursuant to §301.7701(b)-7 for purposes of computing the individual’s U.S. tax liability. Final regulations under chapter 3 published elsewhere in this issue of the Federal Register modify the definition of nonresident alien individual to provide a description of a dual resident consistent with the definition included in these final regulations (but do not change the substantive rule in chapter 3).
——–
My own records indicate US income tax treaties with:
Argentina
Australia
Bangladesh
Barbados
Belgium
Bermuda
Bulgaria
Canada
Cayman Islands
Chile
Denmark
Estonia
Finland
France
Germany
Guernsey
Hong Kong
Hungary
Iceland
Ireland
Isle of Man
Italy
Japan
Jersey
Latvia
Lithuania
Luxembourg
Mexico
Netherlands
New Zealand
Panama
Poland
Slovenia
South Africa
Spain
Sri Lanka
Sweden
Switzerland
Thailand
United Kingdom
Venezuela, Bolivarian Republic of
Viet Nam
———
It would take a US tax lawyer to say what this really means – all I’m saying is that is probably needs to be looked into.
If you do get an opinion do please let me know the outcome.
The true “legalese” is on page 105 and 106.
@Haydon – I assume this bit from the bottom of page 105 is what you’re focusing on:
The cited regulation (§301.7701(b)-7(a)(1)) reads:
So, does the first sentence of the regulation exclude US citizens from the definition of “dual resident taxpayer” by limiting application to “alien” individuals?
@Karen “So, does the first sentence of the regulation exclude US citizens from the definition of “dual resident taxpayer” by limiting application to “alien” individuals?”
I wish I knew.
“I assume this bit from the bottom of page 105 is what you’re focusing on.”
Yes.
We got a mention and USCitizenAbroad was quoted today in Helen Burgraff’s article, “US Treasury Dept ‘slams door on Same Country Exemption’ for expat Americans” on International Investment.
Thanks Pacifica
You might notice I have posted this as an update here:
http://isaacbrocksociety.ca/2017/01/04/all-roads-lead-to-renunciation-fatca-same-country-exemption-edition/
The link to the top pinned news article is wrong.
Buyers shrug as China tightens forex rules for overseas property binge, South China Morning Post.
Should be: http://www.scmp.com/business/article/2058749/chinas-newly-tightened-forex-rules-unlikely-stem-overseas-property-binge
But I fail to see the relevance to American taxation and FATCA
Canadian-Americans?????
BULLSHIT! You’re Canadians. (the term is American-Canadians – if we refer to them as such)
@The_Animal1970,
These terms never make sense anyway. African-Americans appear to be just black. I don’t like using the term because it’s clear to me as a European that a black person might not be of African origin and they might not be Americans.
I have three thoughts on the death of the Same Country Exemption:
1. We now have absolute proof that the current United States government is, without a doubt, intentionally hunting down ordinary “expat” citizens. We little folk are not just “caught in the crosshairs” while they were really aiming at somebody else. We ARE the target and the current government has no interest in making our lives any easier.
2. Halfway measures, as this one was, are always dead ducks anyway. We should not waste our time fighting for a halfway measure. We must fight for a COMPLETE end to the existence of citizenship-based taxation. We must cut out the cancer at its root.
3. The current United States government has 15 more days to live. After that it is a new day with new people in charge who are poised, and have promised, to undo the injustices the “overseas community” has endured for so long.
January 20 cannot come a day too soon.
Hear, here, MNM!