Bloomberg BNA’s Premier International Tax Library is a comprehensive global tax resource. Trust Bloomberg BNA's Premier International Tax Library for the guidance you need on...
Sept. 7 — Foreign banks now required to turn over information on U.S.-owned accounts to the IRS would get a break under legislation proposed by Rep. Mark Meadows (R-N.C.).
Announced Sept. 7, the bill ( H.R. 5935) would repeal the heart of the Foreign Account Tax Compliance Act, a major part of U.S. efforts to combat global tax avoidance. Long the target of controversy, FATCA requires overseas banks to tell the Internal Revenue Service about these accounts or face a potential 30 percent withholding tax on their U.S.-source income.
The law “goes well beyond what is appropriate” and violates U.S. citizens' constitutional right to privacy under the Fourth Amendment, Meadows said in a news release Sept. 7. FATCA also creates “unnecessary burdens,” he said.
The release said the new bill is similar to the effort to eviscerate FATCA (S. 887) made by Sen. Rand Paul (R-Ky.) in 2013
While Paul's attack on FATCA drew considerable attention and some support from conservative groups, it never reached the Senate floor.
The Meadows proposal has two original co-sponsors—Reps. Jeff Duncan (R-S.C.) and Mick Mulvaney (R-S.C.).
To contact the reporter on this story: Alison Bennett in Washington at firstname.lastname@example.org
To contact the editor responsible for this story: Cheryl Saenz at email@example.com
Text of H.R. 5935 can be found at http://src.bna.com/inD.
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)