Suchergebnisse

Offshore personal income tax evasion accounts for approximately $50 billion in annual lost revenue for the United States. These large sums of money are squirrelled away in tax havens—jurisdictions, such as Aruba, the Cayman Islands, and Dubai, whose laws allow some U.S. citizens to evade paying their U.S. income taxes. Before the Foreign Account Tax Compliance Act (FATCA) was enacted, U.S. citizens could avoid taxes on passive income by not reporting this income to the Internal Revenue Service (IRS). To detect tax evasion, the IRS pursued U.S. citizens with undeclared assets in foreign banks. But the IRS's quest was largely unsuccessful because foreign financial institutions did not fully report U.S. account holders' information. While the IRS occasionally discovered offshore accounts, U.S. taxpayers were largely on the "honor system." Unfortunately, many U.S. taxpayers with offshore accounts have been dishonest. As a result, Congress brought the hammer down with FATCA to combat and, more importantly, prevent tax evasion. This Comment discusses FATCA's provisions, particularly those that have been heavily criticized. It then explores these criticisms from a domestic and foreign perspective. In doing so, this Comment examines and endorses Intergovernmental Agreements (IGAs) as (1) a solution to FATCA's shortcomings and (2) a building block for developing a sustainable model of international tax transparency and information reporting. Finally, this Comment argues that the United States should continue working with the Organisation for Economic Co-operation and Development towards the adoption of a multilateral automatic information exchange standard that will enhance tax transparency and reduce tax evasion at an international level.

Izvairīšanās no nodokļu nemaksāšanas un "caurumu" meklēšana likumdošanā, kļūst par lielu problēmu valstu nodokļu institūcijām. Mūsdienās ar tehnoloģiju palīdzību visu var izdarīt attālināti, un tāpat arī pārvest lielus naudas līdzekļus uz "nodokļu paradīzes valstīm". Šāda finanšu neuzrādīšana rada lielus zaudējumus valstu finanšu stāvoklim. Ar likumprojektiem FATCA un CRS globālā mērogā vēlas samazināt nodokļu apiešanu globāli. Darba mērķis ir izanalizēt un salīdzināt nodokļu likumprojektu "FATCA" un "CRS" sarežģītību un lietderību to ieviešanā, kā arī izstrādāt priekšlikumus šo likumprojektu prasību efektīvākai datu apkopošanai. Maģistra darba autors pētīja saistībā ar FATCA un CRS likumprojektiem klientu identificēšanas problēmas, ziņošanas sniegšana problēmas, lielāko Latvijas banku, brokeru sabiedrību, kā arī lielāko auditoru kompāniju sniegtos viedokļus attiecībā uz likumprojektu lietderību un pievienoto vērtību to ieviešanas gadījumā. ; For avoiding tax evasion and searching for "holes" in legislation, it becomes a major problem of national tax authorities. Nowadays with the help of technology it can all be done remotely, and also to carry large amounts of money to "tax havens" countries. Such omission causes major financial losses in their financial situation. With draft laws like FATCA and CRS, globally it wants to reduce tax evasion. The main goals are to analyze and compare the tax projects such as "FATCA" and "CRS" the complexity and efficiency of their implementation, as well as to develop proposals for these projects for more efficient data collection requirements. The author studied in connection with FATCA and CRS projects, the customer identification problems, reporting delivery problems, the biggest Latvian banks, brokerage firms, as well as the largest audit companies provided views on the usefulness of the project and added value to the implementation of the event.

Abstract
Progressive ideology has slowly eroded American principles for over a century, declaring social control its ultimate goal. Social control is not possible while American principles, such as individual freedoms and limited government, thrive. Global control is now the favored progressive tactic to overcome such principles, and no sector of our lives is off limits.
This paper intends to examine the motives behind, and consequences of, U.S. legislation known as the Foreign Account Tax Compliance Act ("FATCA"). Thanks to FATCA, financial institutions around the world have been forced into a sphere of global control. Passed without debate as stealth legislation, FATCA moved us towards global control. FATCA is merely a pit-stop to global control over all financial institutions, transactions, reporting, and a host of other areas. Even worse, the pit-stop is a short one. International organizations are currently working on a global version of FATCA.

Abstract
The Foreign Account Tax Compliance Act (FATCA) spurred an unprecedented increase in the IRS's ability to obtain information about assets held and income earned by US persons in foreign financial accounts, which were especially prone to illegal tax evasion. We review the evidence on FATCA's efficacy at reducing tax evasion through foreign accounts and provide additional, longer-term evidence. We then discuss potential avenues for avoiding FATCA reporting. We also highlight other consequences of FATCA and provide exploratory analyses pointing to the use of the United States as a tax haven for foreign investors. We conclude with policy recommendations and suggestions for future research in areas where more analysis is needed.

As an answer to the international tax evasion problem, the U.S. Congress issued the Foreign Account Tax Compliance Act – Fatca. This Act aims to promote tax compliance among citizens and U.S. residents holding foreign bank accounts. To this effect, Fatca requires Foreign Financial Institutions to enter into an agreement with the Internal Revenue Service (IRS) to provide the IRS information about the identity and the status of the bank accounts held by US persons. Entities not willing to enter into an agreement with the IRS will be subject to a 30% withholding on U.S. sourced income regardless of whether the income is tax exempt. The application of this Act in our country brings a lot of concern regarding some issues, such us extraterritoriality, bank secrecy, the application of civil and criminal law. Since the effective date of implementation of Fatca is July 1, 2014, we understand that an official opinion concerning these issues and the possibilityto enter into an Intergovernmental Agreement with the U.S. government will be forthcoming in the following months. ; Como respuesta al recurrente problema de evasión fiscal internacional, el Congreso de los Estados Unidos emitió la Ley de CumplimientoTributario de Cuentas Extranjeras (Foreign Acccount Tax Compliance Act, comúnmente conocida por sus siglas Fatca). Dicha ley tiene por objeto promover el cumplimiento tributario de ciudadanos y residentes de Estados Unidos que son titulares de cuentas bancarias en el exterior, dado su sistema fiscal basado en residencia y ciudadanía. A través de Fatca, se invita a las entidades financieras locales a suscribir un acuerdo con la Administración tributaria de Estados Unidos, mediante el cual se comprometan a brindar información acerca de las cuentas cuyos titulares son ciudadanos o residentes de dicho país bajo apercibimiento de sanción. La aplicación de esta norma en nuestro paísgenera muchas preguntas relativas a su naturaleza, su extraterritorialidad, su vulneración del derecho bancario, civil y penal, y demás aristas. Su inminente aplicación, el 1 de julio de 2014, genera un clima de especial interés a la espera de un pronunciamiento oficial de las autoridades locales. Definitivamente, la importancia de Fatca reside en que marca una nueva etapa respecto de los anteriores sistemas de intercambio de información que podría revolucionar la forma de administrar los impuestos.

The United States of America is the largest securities and capital market in the world attracting inward investment of several trillion dollars a year from over two hundred countries. Receipt of US sourced investment income by non-US investors is subject to strict US withholding tax regulations ₆ Internal Revenue Code (IRC) Chapter 3 which control how income and withheld tax paid to non-US recipients is calculated, withheld and reported. US resident investors themselves are also some of the most active in outbound investment into the world's other major markets. The US claims the right to tax the global income of its citizens and so income derived from such outbound investment must be disclosed to the IRS. However, failure by some Americans to disclose their offshore assets has led to some recent high profile cases of tax evasion and the subsequent regulation of non-US financial institutions by the US government in IRC Chapter 4, also known as 'FATCA'. FATCA requires all non-US financial institutions to meet strict due diligence rules to identify and report accounts substantially owned by or effectively controlled by Americans - or suffer serious financial penalties. As with any regulations, the challenge for industry is to efficiently translate regulation into workable operational practices. This book gives practical insights into the day to day challenges that both sets of these regulations present for non-US financial institutions as well as those who provide support services to them. For those intermediary firms receiving US sourced income on behalf of non-US investors under IRC Chapter 3, awareness of the consequences of their status as qualified intermediaries (QIs) or non-qualified intermediaries (NQIs) is absolutely critical, yet rarely fully understood. While only around 35,000 firms globally are affected by IRC Chapter 3, over a million firms are expected to be impacted by FATCA as the IRS has widened its definition of 'financial intermediary' to include most pooled investment vehicles. This book includes both commentary on the key aspects of FATCA that will affect FFIs and NFFEs as well as appendices of the important reference documents. As the worlds of withholding tax and tax evasion deterrence converge, many countries are seeking to review, improve and simplify the US model. This book includes an update on the important work done in this area by the OECD and European Commission including standards and automation initiatives.