Cute and useful. Acronym overload is a common feature of just about all tax law it seems, and FATCA provides no respite, as this chart demonstrates:
At the link, you can click on any of the elements to get an explanation and links for further information.
FATCA = Foreign Attack To Control All
ReplyDeleteIRS = International Robbery Society
What other acronyms do we need?
The presentation below actually gives a good overview of the mechanics of FATCA withholding. Interesting to keep in mind that nor all sources of US income are subject to FATCA withholding and in fact quite a few are exempt especially things that already weird under the tax code such as REIT's, MLPs, state and local government bonds.
ReplyDeletehttp://media.broadridge.com/documents/Broadridge-FATCA-Withholding-Nordic-June-2013.pdf
UK wealth managers turn Americans away
ReplyDeletehttp://www.ft.com/intl/cms/s/0/dc2f7438-d4e8-11e2-9302-00144feab7de.html#axzz2X8R2Un1o
I am becoming somewhat concerned with a provision of the Canada-United States Tax Convention Act of 1984.
ReplyDeleteRegulations
(3) The Minister of National Revenue may make such regulations as are necessary for the purpose of carrying out the Convention or for giving effect to any of the provisions thereof.
I wonder how broad the powers of the Minister of National Revenue are to enter into competent authority agreements.