From Bloomberg this yesterday
Norway Gets U.S. Help Chasing Citizens Dodging Income Tax Law
The U.S. Foreign Account Tax Compliance Act, known as FATCA, may lead to dozens of agreements between countries [IGAs] to exchange information on bank accounts. The law requires foreign banks to turn over information to the International Revenue Service (IRS) about their U.S.-owned accounts or potentially face withholding taxes.
Norway is catching more tax dodgers abroad with fresh help from the U.S. legal system.
Federal courts in six states have allowed the Internal Revenue Service to issue [John Doe] summonses to U.S. banks at the request of the Norwegian government, and the banks may now have to give up information on people who used some kinds of credit and debit cards, Bloomberg BNA reported, citing the Justice Department.
This story has been previously reported at Forbes by Kim Novak, and Jack Townsend also noted it. This is the latest development, in my opinion, of the domestic FATCA, or DATCA as I call it. I have updated the history at this link.
There is also the step child of FATCA (Corp beneficial ownership) that was noted in this story:
Ranch House Near Reno is a Thriving Tax Haven, and It’s Not Alone
Notice this legislation introduced by Uncle Carl Levin It too is part and parcel of the DATCA reciprocity that Robert Stack has promised the EU. Wonder what the Senators from Nevada, Delaware and Wyoming think of this blow back onto their states?
If we want to stop inappropriate corporate secrecy offshore, we need to stop it here at home as well!
