Archive for the ‘Government’ Category
Canada and U.S. reach agreement on Foreign Account Tax Compliance Act
Canada, Dept. of Finance (5 Feb 2014)
Government of Canada news release on FATCA agreement with United States.
Flaherty announces 3-year freeze in EI premiums
CTV News (9 Sept 2013)
Canadian Minister of Finance Jim Flaherty responds to reporter questioning about FATCA at an event focused on employment insurance premiums. Full transcription of the exchange is provided at https://usxcanada.wordpress.com/perspectives/#flaherty.
Robert S. Mueller
Statement before the Senate Appropriations Committee
(16 May 2013)
FBI Director Mueller requests “524 positions and $100 million to increase the ability to process mandated background checks for firearm purchases.” [The associated NICS (National Instant Criminal Background Check System) operation processes information on those who renounce U.S. citizenship.]
Treasury and IRS issue final regulations to combat offshore tax evasion
U.S. Dept. of the Treasury (17 Jan 2013)
“The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today issued comprehensive final regulations implementing the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA).” A filing version 544 page pdf of the regulations (publication scheduled for 28 Jan 2013) can be found at https://www.federalregister.gov/articles/2013/01/28/2013-01025/information-reporting-by-foreign-financial-institutions-and-withholding-on-certain-payments-to.
U.S. engaging with more than 50 jurisdictions to curtail offshore tax evasion
U.S. Dept. of the Treasury (8 Nov 2012)
Countries listed fall into four categories: (1) “already concluded” [only United Kingdom] (2) “in the process of finalizing an intergovernmental agreement” [includes Canada] (3) “actively engaged in a dialogue towards concluding an intergovernmental agreement” (4) “working to explore options for intergovernmental engagement.”
Instructions for new streamlined filing compliance procedures for non-resident, non-filer U.S. taxpayers
IRS (31 Aug 2012)
“This procedure is available for non-resident U.S. taxpayers who have resided outside of the U.S. since January 1, 2009 and who have not filed a U.S. tax return during the same period. These taxpayers must present a low level of compliance risk as described.”
Finance Minister applauds U.S. government decision to help dual citizens with their foreign tax obligations
Department of Finance Canada (27 June 2012)
“I am happy the U.S. government has listened to our concerns,” says Jim Flaherty, Minister of Finance.
Comment: Too much praise. Partial and uncertain mitigation of some of the concerns.