Not to steal these gals thunder, but wanted to post this as soon as I saw it this morning.
From Accounting Today…
I would only add one thing to this excellent piece. When they write about complexity, this new release from Treasury had not yet come out…
Correcting Amendments to the FATCA Regulations will be Released Today
I almost feel sorry for the FATCA administrators in the Compliance Complex trying to keep up with the layering of complexity. I have a feeling this will not be the only amendment that will be issued. What will happen when the OECD global GATCA is added to this and the natural conflicts that will occur? I doubt they will just take FATCA and all its regulations as the sole model for what they want. The complexity has just begun.
As Roger says, weighed down with all these regs, “Is FATCA really ever going to be able to lift its wings and fly?”
How leakproof the FFI’s are will be directly proportionate to how desperate the US will be for cash. I agree with you, Canada should not even go down that slippery slope.
That’s not the first place by far I’ve seen an official letter mention of “renouncing” as an option. I’m going to start saving these for posterity. You know, that time when U.S. citizens abroad were indeed told they could renounce in order to be able to live a normal life abroad.
Did you mean this?
You are right, that link did not work. Here is a better one…
thanks. Protests in Canada benefit the rest of us, where a protest is quite difficult to make happen.
I’ve seen it mentioned in several articles and also in some comments made by Homelanders
and others who should know better. It’s so frustrating to be told, “well if you don’t like it you
can just renounce your US citizenship”. As if that was the simplest and most straightforward
thing in the world to do. Oh, that that were true!!!
I think the idea of strategically planned protests in Canada is a great idea. There is NO WAY
Canada should agree to give away its sovereignty to the US by giving in to Fatca.
Yes indeed FATCA is losing it’s way but back in July it WON a first choice award for “worst example of the regulatory state running amok” or “stupidist regulation”. Blaze over at the Sandbox led me to this website today which I hadn’t been aware of before.
And also the FATCA Daily.
Stupid apostrophe in its. Always slipping in there when I’m not careful. 🙁
“it’s” happens 🙂
Blaze from the Maple Sandbox got an article published in the Financial Post. This will end up on a separate thread but I just wanted Brockers tuned in this evening to learn about it as soon as possible. Great work, Blaze/Lynne! And for once a photo of a beach and palm trees isn’t being used to lead into a FATCA article. 🙂