tag:blogger.com,1999:blog-6398232680738279469.post8041329225421452054..comments2024-03-12T07:30:17.846-07:00Comments on The Tax Times: U.S. Engaging with More than 50 Jurisdictions to Curtail Offshore Tax EvasionRonald A. Marini, Esq.http://www.blogger.com/profile/14304486100168506240noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6398232680738279469.post-73016075036990688802012-11-12T10:35:07.008-08:002012-11-12T10:35:07.008-08:00If there was ever a doubt that FATCA is the Tip of...If there was ever a doubt that FATCA is the Tip of the Spear for a GATCA, a global tax exchange, this should remove it.<br /><br />http://www.stepjournal.org/journal_archive/2012/step_journal_november_2012/foreign_there%E2%80%99s_no_%E2%80%98f%E2%80%99_in.aspx?link=contentMiddle%20contentMiddleWide <br /><br />"The UK parliament’s International Development Committee, quoting the Tax Justice Network, Christian Aid and Glencore, has called for the government to ‘introduce legislation similar to the relevant section of [FATCA], requiring tax authorities automatically to exchange information relating to UK citizens or corporations. The government should also use its influence (via the OECD Tax and Development Task Force, and similar avenues) to persuade other governments to follow suit4."<br /><br />The only way this gets derailed, if Congress grows a pair and stops the IRS DATCA dead in its tracks. These efforts at forcing US Financial Institutions provide the tax data for reciprocal IGA arrangements is expatriating the cost of FATCA back onto US shores. This might be overstepping IRS statutory power, but if Congress doesn't respond, than the IRS and the FATCANATICs have the upper hand. Bureaucrats rule. Consequences be damned!<br /><br />If you didn't live on this little blue globe, and just a dispassionate observer from afar, I think this struggle to create a GATCA is one of the most interesting economic and regulatory developments in recent history. Too bad the US media is asleep and not interested. I think this is much worse than Frank Dodd, or Basil II when it comes to economic impacts that will ripple around the world. Do these guys really think that Capital flows will just happily surrender to GATCA certainty? Time will tell. <br /><br />Posted by Marvin Van Horn <br />Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-72462673300614067042012-11-12T07:45:38.193-08:002012-11-12T07:45:38.193-08:00Brian, here is some of the best analysis of the Tr...Brian, here is some of the best analysis of the Treasury announcement I have read, that isn't just an rehash of what Treasury said, with admonishments by the FCC to hurry up and comply. <br /><br />It starts like this...<br /><br />"Regarding Treasury’s announcement of negotiations with multiple countries, we need to see that there’s both more and less here than meets the eye. Consider:".... <br /><br />You can read more here... http://bit.ly/TR7LG0 <br /><br />Posted by Marvin Van Horn <br />Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.com