llap Posted September 4, 2016 Share Posted September 4, 2016 The Israeli High Courts temporary injunction against the enforcement of Americas highly controversial global tax law should serve as a wake-up call for other countries to rethink enforcing this toxic, flawed, imperialistic legislation, affirms the CEO of one of the worlds largest independent financial advisory organizations. The comments from Nigel Green, chief executive and founder of deVere Group, come as Israels High Court of Justice threw a spanner into the Israeli governments plans Wednesday to start actively implementing the U.S.s Foreign Account Tax Compliance Act (FATCA) in the country. Under FATCA, all non-U.S. financial institutions worldwide are required to report the financial information of American clients and U.S. green card holders who have accounts holding more than $50,000 directly and routinely to the United States. ... U.S. expats are now routinely rejected from foreign financial institutions (FFIs), such as banks in their country of residence, because FATCAs costly and onerous regulations mean Americans are now typically deemed more trouble than they are worth. Similarly, American businesses working in international markets are now often branded with a leprosy-like status. Clearly, this can only be detrimental to their global competiveness and could, in turn, hit American jobs and the long-term growth of the U.S. economy which would then, of course, have far-reaching consequences beyond the U.S. https://www.devere-group.com/news/israeli-fatca-injunction.aspx Link to comment Share on other sites More sharing options...
BossHogg Posted September 4, 2016 Share Posted September 4, 2016 Hardly a credible endorsement. Have you ever Googled the devere group? Link to comment Share on other sites More sharing options...
llap Posted September 4, 2016 Author Share Posted September 4, 2016 I don't see what the DeVere group has to do with it. FATCA is a pain in the neck for the financial industry and has caused CSPs to drop American clients. I think the DeVere dude is right that long term it's harmful to both the US and other countries. Link to comment Share on other sites More sharing options...
BossHogg Posted September 4, 2016 Share Posted September 4, 2016 I don't see what the DeVere group has to do with it. FATCA is a pain in the neck for the financial industry and has caused CSPs to drop American clients. I think the DeVere dude is right that long term it's harmful to both the US and other countries. As the article was written by them then clearly it does. As I said you should Google the organisation particularly complaints boards before you assume anything said is automatically authoritative. As for the CSPs most didn't want American business well before FATCA because of the USAs even more stupid tax and court system. All FATCA has done is tipped the balance making the potential penalties of non compliance not worth the risk. The legislation is badly written rubbish but when you're a micro nation of 85,000 people what are you going to do? You can't tell the US to piss off otherwise your banks probably won't be able to clear Dollars through the global banking and settlements system and people will stop banking here and people will lose their jobs. Link to comment Share on other sites More sharing options...
notwell Posted September 4, 2016 Share Posted September 4, 2016 FATCA is a waste of everyone's time. The Americans won't be able to process the information. It'll be totally cost ineffective. They should not have bothered. They got the vast majority of what mattered from Switzerland anyway. Link to comment Share on other sites More sharing options...
HeliX Posted September 5, 2016 Share Posted September 5, 2016 FATCA is a waste of everyone's time. The Americans won't be able to process the information. It'll be totally cost ineffective. They should not have bothered. They got the vast majority of what mattered from Switzerland anyway. What makes you think they won't be able to process it? The reporting standards are pretty strict so that the data can be guaranteed to be read by a computer rather than a person. Link to comment Share on other sites More sharing options...
notwell Posted September 5, 2016 Share Posted September 5, 2016 It's unworkable. They have what they wanted. Money out of Switzerland. If the Republicans get in it'll be binned. Link to comment Share on other sites More sharing options...
HeliX Posted September 5, 2016 Share Posted September 5, 2016 Unworkable in what way? Link to comment Share on other sites More sharing options...
notwell Posted September 5, 2016 Share Posted September 5, 2016 It won't automate. Companies are struggling to impliment it. It is also reliant on self classification. And they'll ultimately struggle to reconcile everything. And of course when they do they'll be disappointed with the results. They took the bulk of what they needed from Switzerland. Link to comment Share on other sites More sharing options...
woolley Posted September 5, 2016 Share Posted September 5, 2016 They should have put the final T on it and given it its proper name - FATCAT. Link to comment Share on other sites More sharing options...
HeliX Posted September 6, 2016 Share Posted September 6, 2016 It won't automate. Companies are struggling to impliment it. It is also reliant on self classification. And they'll ultimately struggle to reconcile everything. And of course when they do they'll be disappointed with the results. They took the bulk of what they needed from Switzerland. It automates perfectly well. And companies shouldn't be struggling - it's not hard. Link to comment Share on other sites More sharing options...
notwell Posted September 6, 2016 Share Posted September 6, 2016 It's exceedingly expensive and onerous for all concerned. And it won't be long before other countries bite back at the US given that they are now essentially setting themselves up as an offshore finance centre. It's comical really. Link to comment Share on other sites More sharing options...
manx-person Posted September 6, 2016 Share Posted September 6, 2016 It won't automate. Companies are struggling to impliment it. It is also reliant on self classification. And they'll ultimately struggle to reconcile everything. And of course when they do they'll be disappointed with the results. They took the bulk of what they needed from Switzerland. It automates perfectly well. And companies shouldn't be struggling - it's not hard. It might automate well for banking, but it does not as well for fiduciary! Link to comment Share on other sites More sharing options...
Amadeus Posted September 6, 2016 Share Posted September 6, 2016 Funny that the yanks rattle on about tax evasion elsewhere and then have the biggest tax haven themselves. FATCA is a PITA. Link to comment Share on other sites More sharing options...
HeliX Posted September 6, 2016 Share Posted September 6, 2016 It's exceedingly expensive and onerous for all concerned. And it won't be long before other countries bite back at the US given that they are now essentially setting themselves up as an offshore finance centre. It's comical really. If companies are doing it manually that is their own fault. Link to comment Share on other sites More sharing options...
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