The CEO of the Financial Services Council (FSC) has headed to Washington DC this week to argue that Australian super funds should be exempt from the reach of the Foreign Account Tax Compliance Act (FACTA) regime.
FSC in Washington to lobby for Aussie Super exemption from FACTA
If found this in the Swiss MSM today.
Sorry for the poor translation. 🙂
No the lady was not beaten. They just meant to say that this due tax is more than 55 years old 🙂
For those who understand German here is the German link.
It seems that FBAR has gone mainstream. According to an the Express-Star in Okalahoma, scammers are now posing as the IRS and using FBAR in emails to scare people.
“That’s why the agency is a favorite of scammers who try to trick victims into disclosing personal information. A new scheme is packaged in a spam email with the heading “Report of Foreign Bank and Financial Accounts (FBAR).”
Scammers pose as IRS in attempt to get data
“Over the last decade the IRS has spent nearly $20 billion on information technology,” Boustany said in a statement. “Taxpayers deserve to know if they are getting their money’s worth.
“Congressmen Question IRS Technology Budget”, AccountingToday, July 17, 2012
$20 billion spent on information technology, and the system is still limited to the US, with Americans abroad still being unable to type their foreign address into digital tax forms like Free File Fillable Forms:
If $20 billion can’t buy something as simple and logical as the ability to enter a foreign country into an information system, then citizenship-based taxation is clearly not worth the money wasted. The address is the most basic element of a tax system, with a citizenship-based tax system on worldwide income requiring the entry of foreign addresses. The inability to enter a foreign address in a tax system demonstrates that the tax system is not citizenship-based, since it is not designed for all citizens.
Came across this only today. It’s from 2005.
Need to have CLN to travel Virgin
P Bowles from Littlehampton, West Sussex wrote
On September 27, I arrived at Heathrow to check in for a flight to Boston with Virgin Atlantic. As we stood in line, our passports were checked by an agent. I have a full British passport, but my place of birth is Baltimore. I was taken to see a supervisor, who asked whether I had proof I had given up my US citizenship. Apparently, a British passport is not sufficient proof. Virgin said it could not fly me unless I produced a “Loss of Nationality” letter.
I haven’t been on the computer much today, and just getting around this evening to catching up. Â I noticed this story at NBC that was posted yesterday. I decided to have a read to see what he is up to. Â
By Tom Curry, NBC News national affairs writer
This article is probably a little dated now to waste much time commenting on. There are already 648 comments, and it may have run it’s course. Not many comments are inspiring or hopeful that folks are looking for a meaningful discussion of overseas issues. Frankly a lot are inane, or at least the ones that I have read. Â I wasn’t going to post anything, but this got me thinking about some of the specific points, questions or assurances that I might want Romney or Obama to address if one of them showed up in New Zealand asking me for my vote. Continue reading
I found a pretty good research paper back from 1997 describing the old Filipino system of of citizenship based taxation and the impact of the Canada Philippines Tax Treaty. Like the US Canada Treaty the Filipino treaty had/has a “savings clause” allowing the Philippines to tax its citizens living in Canada on Canadian source income. The paper suggests a route to bringing a charter challenge to get the treaty thrown out on the basis of equality of citizenship (something we have talked a lot about here). This is big very big. I am going to try to track down the author of this paper.
Double taxation: Riding on the backs of Filipino export labour, by Genevieve Hamada-Plank , Ottawa Law Review / Revue de droit d’Ottawa 29 (1997-98) 395-423.
A reader sent me the following link:
Clooney to visit Geneva for Obama fundraiser
Clooney is set to visit the Swiss city for fundraising events on August 27th, according to Charles Adams, an American lawyer and a representative of the Democratic Party.
The movie actor plans to speak at a reception for 150 supporters paying $1,000 each, Adams told the Tribune de Genève newspaper.
The event will be followed by a dinner for 50 people coughing up $20,000 each ($30,000 for couples) for the privilege of breaking bread with Clooney.
Dem bill would require candidates, elected officials to disclose offshore accounts
“The American people might be surprised to know that we don’t already ask those running for office and Congress members whether they’re hiding money offshore,” Durbin said. “Without this bill the American people won’t know if a candidate is avoiding paying their fair share … which costs American taxpayers $100 billion a year.”
“There are only two reasons why a person has Swiss bank account,” Durbin said. “Number one: to hide their level of wealth … and two, if they think the Swiss franc is stronger than American dollar.”
Top Dems Push Bill Requiring Candidates To Disclose Offshore Tax Havens
“This is not a new issue,” said Levin, who has fought it for more than a decade. “When a crooked business or a shameless individual does not pay its fair share, the burden gets shifted to others, usually to ordinary taxpayers and working Americans. … Tax dodgers and tax avoiders have continued to exploit every offshore loophole and tax haven that they can find.”
Durbin and Levin said efforts to crack down on offshore tax havens once had bipartisan support, positing that the only plausible reason an American would have a Swiss bank account is to hide or conceal their wealth. Durbin said he intends to propose the legislation as an amendment to an unrelated bill, arguing that bringing it up separately would eat up a week’s worth of Senate time. He admitted has hasn’t spoken to Republicans about it yet.
![[Image: 71092357586840979738190.jpg]](http://img580.imageshack.us/img580/412/71092357586840979738190.jpg)
While enjoying veggie lasagna at the Drugstore Steakhouse on the Champs-ElysĂ©es near l’Arc de Triomphe, I couldn’t help but to wonder how related patriotism is to renunciations. As I cleaned up my dish, I came to the conclusion that American politicians are generally not qualified to judge the patriotism of (former) Americans abroad. This is a unique topic of interest these days, since 8,000 American patriots are expected to renounce this year, as reported in the New York Post, which is more than ever before in US history. The demand is now so strong, that American patriots may have to wait year(s) simply to renounce.
Naturally, it is normal and understandable that so many American patriots are renouncing under the given the circumstances, understood by many Americans abroad. With some politicians directly or indirectly accusing Americans abroad of being “traitors“, “despicable” or even “unpatriotic” since they don’t want to be accused of being “unseemly and disgusting” or even “tax evaders” for banking offshore at their local bank while being denied banking services in America or abroad due to the latest US policy, or refused the ability to vote in US elections, or financially penalized for working abroad, one can only expect for more American patriots to be renouncing their US citizenship in the near future, even without mentioning the many problems related to citizenship-based taxation that some critics of renunciations like to base their misled arguments on.
