OECD seeks inspiration from FATCA model

“A new standard of exchanging information on tax is expected to be introduced in countries belonging to the OECD.  The new system will probably by based on US anti-tax evasion legislation known as FATCA, according to Pascal Saint-Amans, director of the OECD’s Centre for Tax Policy and Administration.  Saint-Amans spoke to swissinfo.ch about the plans to introduce automatic exchange of tax information which the OECD intends to present for scrutiny next February.  This future international standard is considered to be much more exacting than the current model and incompatible with the present system in Switzerland.”

http://www.swissinfo.ch/eng/politics/OECD_seeks_inspiration_from_FATCA_model.html?cid=37494258

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FATCA System Fails Government Probe, Threatens Privacy

“Despite spending more than $8.6 million so far, with another $8 million projected to be spent still, on developing the online portal for handling the registration of foreign financial institutions for FATCA, the IRS is still unprepared for the law according to a report by the the Treasury Inspector General for Tax Administration. Their incompetence threatens to compromise the information of both Americans and the foreign institutions coerced into serving the IRS.  The report reveals amazing disarray in the implementation process, as the IRS spent considerable resources developing the system before issuing the final regulations, which then had to be scrapped to accommodate new requirements.”

http://freedomandprosperity.org/2013/blog/fatca-system-fails-government-probe-threatens-privacy/

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Putin promises crackdown on $111bln offshore money leak

“Companies that want to register in foreign countries will no longer receive access to government funds, including loans from the state bank, and state agency contracts will be forfeited.  Russia’s economic growth is unlikely to exceed 1.5 percent in 2013, and with a slump in oil prices expected, collecting companies’ tax contributions is vital in funding the budget.  In May 2013, it became illegal for Russian government officials and their families to own foreign assets abroad. Real-estate and bank accounts were ordered to be sold, and assets were ordered back to Russia. Creating an internal domestic offshore tax zone had been under serious consideration, but was later shelved.”

http://rt.com/business/offshore-tax-budget-russia-119/

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RNC members tackle Foreign Account Tax Compliance Act, or FATCA

“Republican National Committee members are drafting a resolution calling for the repeal of a soon-to-be-implemented tax law that critics say is contributing to Americans living abroad renouncing their U.S. citizenship in record numbers.  The law was designed to catch tax American cheats hiding financial assets overseas.  But many of the more than six million Americans living abroad say FATCA has made life difficult for them because several foreign banks, not wanting to deal with the IRS, are turning away American customers or closing accounts of existing U.S. clients.  The situation has become so dire that more and more expats are dropping their U.S. citizenship.”

http://www.mcclatchydc.com/2013/12/06/210878/rnc-members-tackle-fatca.html

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Finally, Some Good News about FATCA

“Most FFIs aren’t anxious to go it alone with the IRS. It’s like Little Red Riding Hood negotiating with the Big Bad Wolf over what’s for breakfast.  FFIs have therefore approached their respective governments and asked for help. A growing number of those governments have prostrated themselves before the IRS, offering to collect the information the IRS demands from their country’s banks and giving it to the IRS on a silver platter.  Around 15 countries so far have signed up for this type of agreement with the IRS.  And, believe it or not, that’s the good news for U.S. persons. Here’s why.”

http://www.nestmann.com/finally-some-good-news-about-fatca

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Real Reason for the US’s Global Tax Levy

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“This amped-up regulatory regime is not about taxes. It’s about control … not just of Swiss banking facilities but ultimately of banks around the world, large and small. In fact, the top elites already run central banks around the world, so this merely adds another layer of control. And when it comes to running banks, the place where banks supposedly had the most freedom was Switzerland, so that region was attacked first – just to provide an object lesson.  The elites do not care how many banks they ‘kill’ – especially smaller banks that can often prove troublesome. The modern State is more comfortable with a few large and concentrated facilities than myriad small ones.”

http://www.thedailybell.com/news-analysis/34818/Real-Reason-for-the-USs-Global-Tax-Levy/

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Swiss banks agree to U.S. plan on tax evasion

“Three Swiss banks have agreed to participate in a U.S. disclosure program aimed at lenders suspected of aiding tax evasion by Americans. Swiss banks had until Monday to tell the Swiss Financial Market Supervisory Authority, the country’s banking regulator, if they would participate. The first deadline for the banks to notify U.S. authorities of their intentions falls at the end of the month.  The program is a key element in a U.S. effort to sidestep Switzerland’s bank-secrecy laws.  The program has met resistance from Switzerland’s financial sector, which has complained of the cost of complying, particularly for the country’s hundreds of small and medium-size banks.”

http://www.marketwatch.com/story/swiss-banks-agree-to-us-plan-on-tax-evasion-2013-12-10-194855051

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Swiss Clocks Ticking: Hidden US accounts soon to be revealed

“A US ultimatum to Swiss banks has yielded results – with the first alpine hideaway giving up on centuries of total confidentiality. Washington is threatening fines and even jail time for any bank that doesn’t share information on American citizens. But it’s thought that some, will nevertheless stay defiant. RT’s business presenter Katie Pilbeam speaks with Rory Suchet about the possible ramifications of it all.”

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India Could Be The Next Booming Market For Bitcoin

“Purchase bitcoins inside India for rupees, place them on a USB stick, board plane to wherever and then sell the bitcoins for whatever the local cash of your choice is. We can tell that this has been happening in China because the local price of bitcoins is higher than the international price. There must therefore be a high demand inside the country.  If I were a tech savvy entrepreneur in India I think this is an area that I would look at a lot more closely. An exchange offering bitcoin locally. And of course I would never go around telling people that this would be the way to get money out of India, out of the rupee. But I have a feeling that the idea would catch on pretty quickly.”

http://www.forbes.com/sites/timworstall/2013/12/04/india-could-be-the-next-booming-market-for-bitcoin/

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Is Bitcoin Becoming the Anti-Dollar?

“It’s not impossible to attack Bitcoin, but the effort to do so isn’t trivial. Plus, there are ten thousand bright, young, adaptive people working on the technology every day, and their numbers are rising. If these people adapt and cooperate, any attacks will have temporary effects. (Even a full shut-down of the Internet wouldn’t stop it for long, but I’ll leave that discussion for another time.)  If the Chinese, and/or Indians, and/or Russians start using Bitcoin as a way around the dollar, the world will change, and quickly. And that’s looking more and more likely.  These are interesting times. Those who break their stasis – who act and adapt – will not only thrive, but will find adventure and satisfaction along the way.”

http://www.nestmann.com/is-bitcoin-becoming-the-anti-dollar

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