Here might be a ray of hope for us.
Nigel Green says FATCA, America’s New Toxic Tax Act, Is In Trouble.
Mr. Green gives two reasons for believing FATCA is “running out of steam.”
Firstly, the US Treasury Department has again failed to meet its own end-of-year deadline to publish the FATCA rules, one of the key steps in its implementation. This is the second time that the Treasury Department has missed such a deadline – the first one came and went in September 2012.
Secondly, to date, only the UK, Denmark, Ireland and Mexico, plus a handful of British Crown Dependencies, have signed FATCA’s required Intergovernmental Agreement (IGA). The Treasury Department had hoped to finalise IGAs with many others, including Canada, France, Germany, Italy, Japan, Spain, and Switzerland before the end of 2012. It failed on that too.
Mr. Green does expect IGAs to be signed and regulations to be released. Yet, he remains optimistic:
But there’s no getting away from the fact that the campaign to introduce FATCA appears to be floundering.
As most of you know, Mr. Green also had a thread last week, FATCA Good Or Bad: You Decide. Some familiar names and a few new ones are in the comments. All “decided” FATCA is bad. If only these were the real decision-makers!
Let’s keep up the pressure as FATCA flounders.