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April 7, 2011 - EU/US Dialogue on the Foreign Account Tax Compliance Act
In a letter sent to the US tax authorities this morning, the Hungarian Presidency of the Council of the European Union and the European Commission invited the US authorities to engage in a dialogue on how to best achieve the objectives of the US Foreign Account Tax compliance Act (FATCA).

April 6, 2011 - EU to Lobby U.S. to Change New Tax Rules
Hungarian Finance Minister Gyorgy Matolcsy, who chairs the EU's Economic and Financial Affairs Council through June, and EU tax commissioner Algirdas Semeta on Tuesday sent a joint letter to U.S. Treasury Secretary Timothy Geithner and Internal Revenue Service Commissioner Douglas Shulman about the negative effects that the Foreign Account Tax Compliance Act (Facta) could have on the EU financial industry, according to a statement Wednesday from the European Commission and Hungary.

Apriil 6, 2011- Transatlantic tussle over US tax mounts
Please respect FT.com's ts&cs and copyright policy which allow you to: share links; copy content for personal use; & redistribute limited extracts. Email ftsales.support@ft.com to buy additional rights or use this link to reference the article - http://www.ft.com/cms/s/0/d33a18fc-5f9b-11e0-a718-00144feab49a.html#ixzz1IkMAzAMz A letter is understood to have been sent on Tuesday from senior European Union officials to Tim Geithner, US Treasury secretary, warning that the Foreign Account Tax Compliance Act (Fatca) could have serious consequences for the EU’s financial services industry, both in terms of compliance costs and potential penalties. EDITOR’S CHOICE Republican calls for early tax holiday for foreign profits - Mar-21.Geithner open to corporate tax reform - Mar-17.Obama demands corporate tax reform - Feb-14.US eyes offshore accounts with tax amnesty - Feb-08.P&G chief seeks cut in corporate tax rate - Jan-20.Geithner starts talks on tax overhaul - Jan-14..Fatca will crack down on US citizens who try to evade US tax by holding income-producing assets with non-US financial institutions. It requires such institutions to provide names and account details of US clients with at least $50,000 of assets to the Internal Revenue Service. Institutions will be subject to a 30 per cent US withholding tax unless they enter an agreement with the US and agree to report information on US accounts. According to the European Banking Federation, the region’s financial services industry faces substantial compliance cost, with one large cross-border bank paying about €100m ($142m). Tuesday’s letter, sent jointly by Algirdas Semeta, EU tax commissioner, and Hungary, which holds the EU’s rotating presidency, is expected to suggest other ways of providing information – such as the automatic information exchange system used in the EU’s savings tax directive. In a speech in Brussels last week, Mr Semeta said: “This initiative [Fatca] puts costly obligations on financial institutions. We have engaged in a dialogue with the US Treasury to seek more proportionate conditions for the EU financial industry, building on the synergies between Fatca and the EU savings directive.” Fatca, enacted in 2010, follows outrage over the UBS tax evasion affair – in which Switzerland’s biggest bank was forced to hand over the names of thousands of Americans holding offshore accounts – and comes amid a US drive to close its mounting budget deficit.

April 5, 2011 - Taiwan financial firms prepare for new US tax rules
Financial institutions in Taiwan are facing increasing investment and operating costs in order to comply with the new Foreign Accounts Tax Compliance Act (FATCA) provisions adopted by the United States, set to take effect on Jan. 1, 2013.

April 4, 2011 - Don’t underestimate IRS’s new foreign tax rules .
Taxpayers who have not accurately reported and paid taxes on international business structures, foreign financial accounts, holdings and properties are at greater risk than ever of fines and prosecution. For U.S. taxpayers living or doing business abroad, Uncle Sam can be the shadowy figure of nightmares, lurking behind doors, ready to pounce, potentially subjecting them to criminal prosecution.

April 4, 2011 - Foreign Account Tax Compliance Act (FATCA) Executive Summar
What is the Foreign Account Tax Compliance Act (FATCA)? Deloitte Executive Summary

March 31, 2011 - Governments Press U.S. to Ease Overseas Tax-Cheat Law
Banks have been lobbying for an easing of the rules since the law was passed last year. Now diplomats are stepping into the campaign, with countries including Switzerland, the U.K. and Canada weighing in with the Treasury.

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