Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

2/7/2014 (1 year ago)

Catholic Online (www.catholic.org)

Set to take effect in July, agreement will require foreign banks to share information on American accounts

With billions of federal income lost to tax dodgers every year, both the United States and Canada have entered into a tax information-sharing pact. However, there are challenges remain in implementing a U.S. international tax transparency law.

An intergovernmental agreement, FACTA aims to address Canadian government concerns that may violate domestic privacy laws and burden financial institutions.

An intergovernmental agreement, FACTA aims to address Canadian government concerns that may violate domestic privacy laws and burden financial institutions.

Highlights

By Catholic Online (NEWS CONSORTIUM)

Catholic Online (www.catholic.org)

2/7/2014 (1 year ago)

Published in Americas

Keywords: Tax dodgers, FACTA, United States, Canada


LOS ANGELES, CA (Catholic Online) - Set to take effect on the first day of this coming July, President Barack Obama's Foreign Account Tax Compliance Act, or FATCA will require foreign banks to share information about Americans' accounts worth more than $50,000 with the Internal Revenue Service, or IRS.

A scandal involving Americans hiding away profits in Swiss bank accounts in 2010 resulted in a web of bilateral tax deals between the U.S. and 22 other countries, with Canada and Hungary the latest signatories.

For that someone who is hard to shop for --


"The agreements announced today clearly demonstrate the considerable international support behind FATCA," Robert Stack, the U.S. Treasury Department's deputy assistant secretary for international tax affairs, said in a statement.

The movie is being challenged by two banking industry groups. Both the Texas Bankers Association and the Florida Bankers Association say they are appealing the dismissal of a lawsuit they brought last year that challenged rules meant to help the U.S. implement FATCA.

Political opposition on the law gained traction last week when the Republican National Committee called for FATCA's repeal. The move sided with big banks, libertarians and American expatriates opposed to the law.

FATCA, critics say, is an example of government overreach that will jeopardize personal financial privacy. Dissenting, supporters say it is needed to combat widening offshore tax avoidance.

Other banking associations have called for FATCA to be delayed by six months, arguing that the government has not provided enough guidance about how to comply with it.

Signed into law by Obama, FATCA has been delayed twice. Authorities have struggled to finish drafting the various rules and forms that the banks say they need to comply. Foreign banks that do not comply could effectively be frozen out of U.S. capital markets.

An intergovernmental agreement, FACTA aims to address Canadian government concerns that may violate domestic privacy laws and burden financial institutions.

"Canada engaged in lengthy negotiations with the U.S. government to address our concerns, and as a result, significant exemptions and other relief were obtained," Canadian Finance Minister Jim Flaherty said in a statement.

Under FACTA, Canadian tax authorities will collect information from the country's banks and share it with the IRS under an existing bilateral tax treaty.

Pope Francis calls for your 'prayer and action'...

---


Pope Francis: end world hunger through 'Prayer and Action'


Copyright 2015 - Distributed by THE CALIFORNIA NETWORK

Pope Francis Prayer Intentions for February 2016
Universal:
That prisoners, especially the young, may be able to rebuild lives of dignity.
Evangelization: That married people who are separated may find welcome and support in the Christian community.



Comments


More Americas

Slain Mexican baby becomes symbol for nation's neverending gang violence Watch

Image of Grim photographs of this slain Mexican family have circulated widely on social media site (Facebook).

By Catholic Online (CALIFORNIA NETWORK)

An overwhelming tragedy - the random killing of a seven-month-old baby boy - has been galvanized into a symbol of Mexico's rampant gang violence. Little Marcus Migeul Pano Colon, captured in photographs lying down in a city street riddled with bullets has been widely ... continue reading


HUMAN SACRIFICE: Ancient Peruvian tomb yields bodies of six women killed in rituals Watch

Image of Researchers say that the skeletal remains found at a temple were once part of the Lambayeque culture. Photo courtesy of Museo Tumblas Reales de Sipan.

By Catholic Online (CALIFORNIA NETWORK)

Archaeologists have uncovered grisly evidence of 1,200-year-old sacrificial rituals in Pre-Inca Peru. The skeletons of six females have been discovered on the former site of a temple. The women's murders were believed ritualistic in nature as their bodies were ... continue reading


Soldiers going 'door to door' to combat deadly Zika virus in Brazil Watch

Image of The Zika virus is linked to microcephaly, where children are born with freakishly small heads. (Getty Images)

By Catholic Online (CALIFORNIA NETWORK)

The mosquito-borne Zika virus has spread rapidly throughout Brazil. The virus is linked to the birth defect microcephaly, which causes babies to be born with smaller than normal heads, along with brain damage. The Brazilian government has sent more than 200,000 ... continue reading


Over 7,000 refugees to arrive in America within the next few days Watch

Image of Cuban migrants cross into Texas to reach freedoms promised in America (AP).

By Monique Crawford (CALIFORNIA NETWORK)

Thousands of Cuban refugees seek freedom in the United States by traveling through Central America and crossing the Mexico-Texas border. LOS ANGELES, CA (Catholic Online) - Over 7,000 Cuban refugees are expected to illegally cross the Mexican border into the United ... continue reading


You'll never guess what was found in El Chapo's weapon cache! Watch

Image of One type of weapon discovered in El Chapo's cache has the power to down a helicopter (exploding helicopter.blogspot).

By Monique Crawford (CALIFORNIA NETWORK)

Authorities discovered a .50 caliber rifle among a massive weapons cache at Joaquín "El Chapo" Guzmán's Mexican hideout. The rifle is so powerful, it can shoot a helicopter from the sky. LOS ANGELES, CA (Catholic Online) - Following the recapture of El Chapo, a ... continue reading


Award-winning news station, Al Jazeera America goes belly-up as the price of oil plunges Watch

Image of Al Jazeera America must close its doors as it finds itself unable to keep up in an increasingly digital world (Al Jazeera America).

By Kenya Sinclair (CALIFORNIA NETWORK)

Award-winning news station Al Jazeera America has won several awards including Best Documentary at the International Emmy Awards and Best Show or Series at the News, Cablefax Digital Awards, but the renowned station is forced to close shop. LOS ANGELES, CA (Catholic ... continue reading


Venezuela's First Lady claims DEA kidnapped her nephews when they were caught trafficking drugs Watch

Image of Cilia Flores believes her nephews were kidnapped by the DEA (Alex Guzmn/AVN).

By Kenya Sinclair (CALIFORNIA NETWORK)

Venezuela's First Lady, Cilia Flores, believes the Drug Enforcement Administration (DEA) committed crimes in her country, including the kidnap of two of her nephews, who were discovered to be drug traffickers. LOS ANGELES, CA (Catholic Online) - On Tuesday Flores ... continue reading


An inside look at El Chapo's tunnel: Sewers, concrete walls and automatic weapons (WARNING: Graphic Photos) Watch

Image of El Chapo's tunnel system kept him well-hidden (Reuters).

By Kenya Sinclair (CALIFORNIA NETWORK)

Images have been released days following El Chapo Guzmán's recapture. The pictures feature the tunnel system the drug lord hid in as well as the shot-up condo above, in which five of El Chapo's henchmen were killed, six were arrested and two women were discovered. LOS ... continue reading


Revealing Sean Penn interview led to El Chapo's drug compound raid (WARNING: GRAPHIC IMAGES) Watch

Image of Inside El Chapo's lair (Especial).

By Monique Crawford (CALIFORNIA NETWORK)

With El Chapo Guzmán's arrest came five gruesome deaths of the drug lord's underlings. Mexican marines stormed El Chapo's hiding place and killed five of his lieutenants before arresting six men and the kingpin himself. LOS ANGELES, CA (Catholic Online) - The Sinaloa ... continue reading


EL CHAPO CAPTURED: Mexican President tweets, 'We have him' Watch

Image of

By Kenya Sinclair (CALIFORNIA NETWORK)

The notorious drug kingpin Joaquín Archivaldo "El Chapo" Guzmán has been captured once again by Mexican authorities. LOS ANGELES, CA (Catholic Online) - Mexican President Enrique Peña Nieto announced Friday on Twitter, "Mission Accomplished: We have him."Guzmán, ... continue reading


All Americas News

Newsletters

Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

Daily Readings

Reading 1, First Kings 3:4-13
4 The king went to Gibeon to sacrifice there, since that was the ... Read More

Psalm, Psalms 119:9, 10, 11, 12, 13, 14
9 How can a young man keep his way spotless? By keeping your ... Read More

Gospel, Mark 6:30-34
30 The apostles rejoined Jesus and told him all they had done and ... Read More

Saint of the Day

Saint of the Day for February 6th, 2016 Image

St. Paul Miki
February 6: Paul was the son of a Japanese military leader. ... Read More