French Senate rejects National Assembly's FATCA reciprocity amendment

To the disappointment of many accidental Americans in France, France's Senate on Tuesday night "adopted an amendment aimed at deleting" an addition to the government's latest Finance Bill which would have required the U.S. government to "reciprocate" with respect to the information it currently requires French banks and financial institutions to provide the U.S. about the accounts of their American citizen clients, in compliance with the U.S. tax evasion-prevention law known as FATCA.

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EU says it ‘deplores lack of FATCA reciprocity,’ in document implementing tax info exchange texts

In an 18-page document mostly containing formal texts having to do with the implementation of EU requirements for the exchange of tax information, the European Parliament has devoted several paragraphs to criticizing the 2010 U.S. tax evasion-prevention law known as FATCA, saying that it "deplores" FATCA's "lack of reciprocity," and adds that it is resulting in "the United States becoming a significant enabler of financial secrecy for non-U.S. citizens" as a result.

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Opinion

AXFNJ Podcast: Dems Abroad’s Rebecca Lammers discusses the ‘suffocating’ U.S. expat tax situation with AXFNJ’s Richardson

AXFNJ Podcast: Dems Abroad’s Rebecca Lammers discusses the ‘suffocating’ U.S. expat tax situation with AXFNJ’s Richardson

In 2010, when President Obama signed the Foreign Account Tax Compliance Act into law – hidden inside a domestic jobs bill few still remember, called the HIRE Act – Rebecca Lammers had...

Dec-02-2022