Towards Global Transparency
Following the financial crisis of 2008 and various scandals around the world there has been a global movement towards the international exchange of information and greater transparency. This book provides a comprehensive overview of the main developments, the structure and content of the various existing instruments and models (such as double taxation treaties, TIEA, the multinational convention from the OECD, the European Directives, FATCA and the Swiss Rubik model), and also the new standard toward automatic exchange of information. Xavier Oberson's analysis highlights their interactions and complexities. He concludes by discussing the position and the rights of taxpayers.
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Chapter 10: Foreign Account Tax Compliance Act (FATCA)
Chapter 10 analyses the United States Foreign Account Tax Compliance Act (FATCA). First, it describes the FATCA rules, which have been adopted in 2010 and are aimed at combatting off-shore accounts of US taxpayers. Second, it focuses on the joint declaration between five European countries (France, Italy, Spain, Germany and Great Britain) and the United States, which led to the emergence of an international bilateral model in the form of a so-called intergovernmental agreement (IGA). The two different models IGAs are described, with a special mention to the IGA with Switzerland. The chapter concludes by specific related issues, such as the application of reciprocity principles in the context of IGA and the development of FATCA as a global standard.
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