Author Archives: Tim

I found some interesting photos of a big FATCA compliance conference in Europe where as Steve Mopsick says all the best and brightest were sharpening their steakknives. However, apparently there was a “special” guest in the form of Member of European of Parliament Sophia In’t Veld a noted privacy rights activist in Europe(more like privacy rights pitbull). Now I have no idea what was discussed by any of the participants including Ms. In’t Veld however, in my opinion the pictures told a 1000 words. I will also acknowledge that I have direct knowledge of Ms In’t Veld’s concerns on FATCA and she could emmerge to be the EU’s Elizabeth May on this issue. Take a look at the pictures though:

Notice the physical distance between Ms. In’t Veld(with the curly hair to the left) and the three best and brightest FATCA compliance consulants to the right. Also note the male FCC consulant is not making eye contact despite the fact Ms. In’t Veld is trying to talk towards him.

Now you might say well this is just one angle. Well here is another.

There is definately a gap.

And notice when she is sitting it is to the side and at an angle and away from all the FCC consultants.

If Cyprus can dip into people’s private savings, how safe are we?

“We continue to monitor the situation in Cyprus, which remains fluid,” said Kathleen Perchaluk, spokeswoman for Jim Flaherty, the Canadian Finance Minister. “It is important that the Europeans take the necessary steps to deal with sovereign debt issues while securing financial stability. The situation highlights the importance of Europe advancing efforts on a full banking union, which they have been making progress on.”

[snip…]

Experts say Canadians have little to fear they could ever face a similar penalty, given the strength of the Canadian banking system and the relative strength of the Canadian economy.

“The World Economic Forum has ranked Canada’s banks as the soundest in the world for five years in a row and Canadians have confidence that their deposits are safe and sound,” said Rachel Swiednicki, a spokeswoman for the Canadian Bankers Association.

and US citizenship based taxation. This is NOT over. Not by a longshot.

http://samenaanhetwerk.be/media/uploads/john/facta.pdf

Can any of you who speak Dutch tell me more about who this guy is. He seems pretty left wing even for European standards.

The chief executive officer of Cisco Systems Inc. appears to love Canada, so much so that he’s considering investing in what he calls “the easiest place in the world to do business.”

“The easiest place in the world to do business is Canada. Their prime minister gets it. They make it easy for me to invest and do acquisitions there; they have a great education program and they have a great immigration policy.”

Globe and mail:  Cisco eyes Canada investment: ‘The easiest place in the world to do business’

Financial Times:  Cisco eyes Canada investment

Cisco actually has a pretty neat office in downtown Toronto if anyone has ever been there:

Any thoughts from Shadow Raider??

http://waysandmeans.house.gov/news/documentsingle.aspx?DocumentID=320022

Washington, DC – Today, Ways and Means Committee Chairman Dave Camp (R-MI) and Ranking Member Sandy Levin (D-MI) (Tim Note: Brother of Carl)announced the formation of 11 separate Ways and Means Committee Tax Reform Working Groups.   The groups will be led by one Republican Member serving as Chair and one Democratic Member serving as Vice Chair.  Each of the 11 groups will review current law in its designated issue area and then identify, research and compile feedback related to the topic of the working group.  The working groups will be responsible for compiling feedback on its designated topic from: (1) stakeholders, (2) academics and think tanks, (3) practitioners, (4) the general public and (5) colleagues in the House of Representatives.  Once the work of those groups has been completed, the Joint Committee on Taxation will prepare a report for the full Committee, due by April 15, 2013, that describes current law in each issue area and summarizes the other information gathered by the Committee Members.
Announcing the formation of the groups, Chairman Camp stated, “I am pleased to be working collaboratively with Ranking Member Levin and all of our Committee Members as we continue our efforts to fix our broken tax code. Regardless of party or politics, everyone can agree that comprehensive tax reform should result in a simpler, fairer tax code for families and more jobs for American workers.  In addition to Committee hearings, these working groups will be one more way for the Committee to gather the necessary information to produce the best possible legislation.”
Ranking Member Levin added, “Tax reform must build on a full understanding of present provisions as a path to a simpler, fairer and adequate tax code. These working groups provide a framework to undertake in-depth fact-finding on a variety of important issues related to tax reform.”
The 11 working groups and their respective Chair and Vice Chair are listed below (groups listed in alphabetical order).

Here is your chance for Ottawa/Montreal based Brockers to talk to the big mainstream media.

All on one stage(a virtual stage to be clear) tommorow morning.

http://www.parl.gc.ca/HousePublications/Publication.aspx?DocId=5982747&Language=E&Mode=1&Parl=41&Ses=1

Audio feed only unfortionately. For those of you in Ottawa though it might actually be worthwhile to attend in person(Murphy and Cockfield will be via videoconference. There are some pretty diametrically opposed people testifying. We all know where Art Cockfield stands but Richard Murphy is a pretty strong FATCA proponent. Dennis Howlett of Canadians for Tax Fairness is an enigma on the subject of FATCA and the CBA(Darren Hannah and Marion Wrobel) will finally have to state where their true loyalties lie.

The Federal Conservatives just announced that they are dropping their plans for a big “E-Snooping” Bill. More below:

Harper government kills controversial Internet surveillance bill

We’ve listened to the concerns of Canadians,” Justice Minister Rob Nicholson told reporters outside the House of Commons on Monday.

He said that “we will not be proceeding with Bill C-30. And any attempts to modernize the criminal code will not contain …warrantless mandatory disclosure of basic subscriber information or the requirement for telecommunications service providers to build intercept capability within their systems.”

Instead, the government has carved out a sliver of the bill to ensure warrantless wiretaps during emergencies remain legal.

“We are immensely relieved,” said Chantal Bernier, the federal assistant privacy commissioner. She said the government’s reversal “is the result of the recognition of the fundamental right to privacy of Canadians, and also of their attachment to it.”

Bill C-30 caused a furor when it was introduced a year ago this week. The legislation would have permitted police and other government officials to compel Internet service providers to disclose identifying information linked to clients’ ISP addresses without a warrant.

So how will they justify a FATCA IGA. Or is FATCA dead now too?

http://www.parl.gc.ca/HousePublications/Publication.aspx?DocId=5954702&Language=E&Mode=1&Parl=41&Ses=1

All I can say is myself and others will be watching closely.  This first hearing looks to be mainly officials from the CRA along with yet to be named persons from the Department of Finance and RCMP. Hope no one for their sake at the hearing says anything stupid like that guy from the German Embassy in Washington DC.

New videos have been posted of the GMU seminar on FATCA with Jesse Eggert and Jim Jatras.

http://www.georgemasonjicl.org/fall-2012-symposium-videos/

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