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So, will the US ever wise up and repeal FATCA? What is FATCA? In 2010, the US government passed a law that would effectively make every bank and “foreign financial institution” unpaid tattletales for the IRS.
Rule 138. Christophe Hansen (PPE) FATCA provides for the automatic exchange of information between national tax authorities and the US tax authority. It often entails burdensome tax and banking obligations for US citizens living abroad, especially for ‘accidental Americans’.
Congressional bills to repeal FATCA. In 2017, bills to repeal FATCA were introduced in Congress: Senator Rand Paul (R-KY) introduced S. 869 in the Senate and Representative Mark Meadows (R-NC) introduced H.R. 2054 in the House of Representatives.
WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) introduced legislation to repeal the Foreign Account Tax Compliance Act (FATCA), with U.S. Representative Mark Meadows (R-NC) introducing a companion bill in the U.S. House. Sen. Roger Wicker (R-MS) joined Dr. Paul as an original cosponsor.
27. Apr. 2017 · FATCA is a law that requires Americans and foreigners to report their overseas accounts to the IRS, causing compliance costs and privacy violations. The law is based on flawed assumptions and has negative consequences for U.S. citizens and foreign partners.
18. Apr. 2022 · FATCA is a US law that requires Americans living overseas to report their assets to the IRS and their banks. Many Americans in the Netherlands have trouble opening or keeping bank accounts, hiring financial advisers, and finding insurance due to FATCA.
There are two main instances in which FATCA via IGAs conflicts with EU law: in the former situation FATCA Data are retained and transmitted by EU financial intermediaries and create an issue of procedural safeguards and data protection, while in the latter situation data are not acquired by EU
