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Implementation of the FATCA Treaty

The Dutch Ministry of Finance has launched a consultation on a decree implementing the FATCA Treaty. The decree requires Dutch financial institutions to provide information about bank accounts of US tax subjects, and to report financial institutions that do not comply with their FATCA obligations.

The Netherlands and the United States entered into a treaty on the implementation of the FATCA Treaty in December 2013. A bill providing for the ratification of the treaty will be submitted to parliament shortly.

Perhaps someone from the Dutch government should have a little chat with Allison Christians.

The excellent interview by All In A Day’s host Alan Neal with Allison Christians and Kathleen:

Comments on this excellent article here and there at Isaac Brock, so will heed “JC” request to post:

The Canadian-US tax treaty covers all aspects of taxation between the two countries. The current treaty cedes Canadian sovereignty to the U.S. and permission to double tax by not specifying exemptions such as for retirement accounts, the family home, life insurance, mutual funds, outrageous noncompliance penalties for Canadian tax residents, etc.

Everyone: there is a highly relevant new article here in regards to the injustice that has not had sufficient attention on this website: WSJ, David Kuenzi: American Expats Tax Nghtmare.

Or, if you have cannot access, the article is here

Another reference to the WSJ Kuenzi article: The Tax Treatment of U.S. Citizens Abroad Is Absurd and Unfair, and Getting Worse By Veronique de Rugy

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Note: David Kuenzi, Certified Financial Planner,® Founder, Thun Financial Advisors, Madison, WI spoke at the May 2, 2014 Toronto Forum Debate on CBT vs RBT (we’re still awaiting an ACA video of this forum).

http://www.islandsun.com/inter-governmental-agreement-simplifies-fatcas-compliance-premier-says/

Well, you don’t get much bigger than the entire universe:

“The signing of the FATCA IGA is universal… Also, contrary to what others claim, this is not about selling out anything,” Premier Dr. the Hon. D. Orlando Smith announced during a press briefing on 8 July. The BVI Leader made the comment as he announced that Government signed a Model 1B intergovernmental agreement (IGA) in relation to the United States (US) Foreign Account Tax Compliance Act (FATCA) on June 30.

Dr. Smith explained that FATCA is a United States federal law that is universal, and requires United States persons living outside the United States to report, among other things, their income to the US Government.

The BVI Leader further defended the decision to sign on to FATCA by stating: “I said this before and I will say it again, we are doing merely what a responsible government should do:  one, alleviate the burden on its citizens to comply with this universal law; and two, protect our financial services industry by helping the financial institutions to comply with this obligation.”

We’ve been saying for some time that the IRS seeks to tax US Persons no matter where in the universe they live.  This appears to be the first time that a government official anywhere on this insignificant planet has confirmed this fact on-the-record.

Zerohedge offers US expats a new strategy for filing:

Just remember, the US courts have decided on the basis of the Required Records Doctrine that you can’t plead the 5th Amendment with regard to the FBAR. Of course, FATCA obliterates your 4th Amendment and Canadian Charter Rights as well. Could this be hypocrisy?

Germany Just Kicked Out The CIA’s Berlin Station Chief

Now she should kick out the US consulates in Germany, just as Canada is about to expel the Eritrean consulate. Why? For the same reason: the US collection of extra-territorial against alleged US citizens in other countries. The USA is a bad neighbor and a bad ally and has proven that with the imposition of FATCA on every nation in the world–with warlike sanctions as the consequence of not yielding to the demands FATCA.

http://www.cbc.ca/news/politics/john-baird-warns-eritrean-consulate-over-diaspora-tax-1.2701635?cmp=rss

Only one week after ushering-in FATCA on Canada Day, Canada’s government is warning the Eritrean consulate to stop harassing Eritrean-Canadians or risk closure of its consulate.  Foreign Affairs Minister John Baird made the announcement today in Ottawa (be sure to watch the video as well):

John Baird warns Eritrean consulate over ‘diaspora tax’

Foreign Affairs Minister John Baird says he has sent a message to the Eritrean consulate to stop collecting a “diaspora tax” from Eritrean-Canadians here or he will order the African nation’s consulate closed.

In response to a question from a reporter in Toronto, Baird said the practice of requiring Eritrean-Canadians to pay a tax at the consulate is “unacceptable.”

“We share the deep concern that Eritrean-Canadians, and others, have for the work that has gone on at the consulate. We’ve repeatedly sent out strong signals that is unacceptable, it’s wrong and will not be tolerated,” Baird said.

“I gave instructions to my deputy minister several days ago to very clearly and unequivocally deliver a strong message that this activity must cease and desist, and if it doesn’t we will close the consulate,” Baird said.

Baird said the messages were sent in “recent days” but did not specify when a shutdown of the consulate might occur.

This is just the most recent action Baird has taken against Eritrean officials in Canada over the practice of requiring expatriates to pay what the UN has condemned as a worldwide “diaspora tax” on its nationals, valued at two per cent of their income. Last year, Baird expelled consul general Semere Ghebremariam O. Micael.

Eritreans here have complained that if they don’t pay the tax, their families back home will suffer consequences.

Fair enough to say that this is certainly one of the most egregiously hypocritical moves the Conservative government has ever made – and there have been far too many to count over the years.  I would love to hear Mr. Baird explain to Canadians how it is acceptable for the United States to impose its infinitely more invasive extraterritorial tax laws in Canada but Eritrea’s paltry amateur-hour 2% shakedown warrants impending closure of its consulate?  Could it be that Mr. Baird is in fact preparing a subsequent announcement that he will be ordering the immediate closure of the US Embassy as well?  Should we give him the benefit of the doubt?

Unfortunately, it does not appear that commenting is possible with this article.  No doubt this story will soon be reported in other outlets so we should all be ready to dig-in.

UPDATE:  Just to be clear, in light of recent comments, whatever the relative differences in scope, scale or sophistication between the Eritrean and U.S. versions of citizenship-based taxation; both are repugnant, immoral and indefensible practices.  Both countries should hang their heads in shame for even pretending that CBT can ever be justified.  The diasporas of both countries should find plenty of common ground here, despite the taunting and ignorance we both have to put up with from so many of our “homelander” cousins.