Foreign account tax compliance act

[ricgem2002]

cant see why my other post was taken down but hey ho it seems the usa is targeting its citizens in seeing if they have money in other countries and avoiding tax in the us. it looks like we have taken the same route in finding out if our citizens are doing the same in other countries could this be the usa s/uk way of tackling tax avoidance ? link here https://www.kpmg.com/BM/en/IssuesAndInsights/ArticlesPublications/Documents/SpecialFocus/2015Documents/FATCA-magazine.pdf

[I1L2T3]

I've been sent some IRS forms. I'm a non-resident alien for tax purposes it seems.

[ricgem2002]

I've been sent some IRS forms. I'm a non-resident alien for tax purposes it seems.

 

yes my wife had the same and thought it was some kind of scam until she phoned the bank up to see if it was genuine. I did a bit of googling and came across the fatca in the thread title

[tlangdon12]

FATCA has been a reality for a number of years now, and led to the introduction of CRS - the Common Reporting Standard, which is the OECD-lead initiative to have financial institutions across the world report the assets and income of their customers to their local tax authority, who then shares them with the tax authorities in the customer's home country.

 

It is aimed precisely at reducing the amount of unpaid tax by people who hold assets and earn income offshore.

 

Expect banks, building societies, investment fund managers and insurance companies across the world to start asking for your tax identification numbers in every country you have one when you open an account or take out a product.

[I1L2T3]

FATCA has been a reality for a number of years now, and led to the introduction of CRS - the Common Reporting Standard, which is the OECD-lead initiative to have financial institutions across the world report the assets and income of their customers to their local tax authority, who then shares them with the tax authorities in the customer's home country.

 

It is aimed precisely at reducing the amount of unpaid tax by people who hold assets and earn income offshore.

 

Expect banks, building societies, investment fund managers and insurance companies across the world to start asking for your tax identification numbers in every country you have one when you open an account or take out a product.

 

That's actually quite worrying. I do have some assets in the USA but I've got no idea what my USA tax ID is. I know I pay tax over there though.

[ricgem2002]

That's actually quite worrying. I do have some assets in the USA but I've got no idea what my USA tax ID is. I know I pay tax over there though.

I think a lot of people are going to be worried about this especially as the financial institutions are the ones going to be fined so I cant see them hiding who their investors are

[JFKvsNixon]

Wasn't the USA chasing Boris Johnson's, who held duel nationality, over his UK income? Even though he'd already paid tax in the UK on those earnings.

[ricgem2002]

Wasn't the USA chasing Boris Johnson's, who held duel nationality, over his UK income? Even though he'd already paid tax in the UK on those earnings.

I think this is going to turn into a minefield for some people with dual nationality. im sure I read somewhere (will try to find it)that if they are resident in a certain country and it is a lower tax rate than the usa/uk the government will chase them for the shortfall

[andyofborg]

Wasn't the USA chasing Boris Johnson's, who held duel nationality, over his UK income? Even though he'd already paid tax in the UK on those earnings.

 

they are quite welcome to him, he'd make a good running mate for donald

[JFKvsNixon]

they are quite welcome to him, he'd make a good running mate for donald

 

Unlucky then, to avoid the tax bill he's renouncing his US citizenship.