Finance committee   Account Tax Compliance Act, or FATCA, as it's known, was just adopted. That, in my view, will eliminate bank secrecy for Americans around the world. So I think the trend--at least for American account holders--is that bank secrecy is waning, and that's why an effective voluntary

Finance committee  . The acronym was FATCA. It's sort of trying to characterize fat cats, but it gets a little short there. What does that acronym stand for again?

Finance committee  . Is that why the Congress has taken the initiative under FATCA, to try to close that door?

Finance committee  In part, that's right. I think FATCA is perceived as an overarching legislative fix to a lot of perceived loopholes that people might be able to use to skirt the information reporting requirements.

Canada-Panama Economic Growth and Prosperity Act   on these tax havens by making sure that people are tax compliant and introducing new legislation like FATCA, for example. The problem is that they are actually scooping up the wrong people. They are not going after the folks who are tax avoiders or are ferreting off this money and trying

Questions Passed as Orders for Returns  With regard to the Canada Revenue Agency’s (CRA) response to the provisions of the Internal Revenue Service (IRS) regarding the Foreign Account Tax Compliance Act (FATCA): (a) according to the government’s analysis, do the FATCA provisions comply with the provisions

Finance committee  , is the U.S. FATCA legislation. Also, in our submission we note that the banking industry welcomed the passage in June of this year of Bill C-25, the Pooled Registered Pension Plans Act. PRPP would be I think particularly useful for people who do not now have access to a private sector

Finance committee  , Canada can adopt a few measures. The United States Foreign Account Tax Compliance Act—FATCA, as it's known—requires banks to find American account holders and disclose their balances, receipts, and withdrawals to the Internal Revenue Service in the United States or be subject

Finance committee   FATCA, which is a statute that one could debate all morning and probably, from the U.S. point of view, a terrible idea and very offensive to other countries. But nevertheless, it had the effect of getting the world's attention. Information exchange is all for the good, but again, I

Finance committee  Yes. Agreed. I'm also interested in FATCA. I know that there were a few unintended consequences of FATCA, and it is really insulting to a lot of other countries what FATCA has seemed to accomplish. Mr. Rosenbloom, you were speaking before on FATCA. Could you comment

Finance committee  Yes, of course. The worst aspect of FATCA is what it did to the United States. It basically deflected large numbers of our resources into writing these incredibly detailed rules for something that's not going to produce a lot of revenue. It never made much sense to me to take

Finance committee  Thank you, Mr. Chair. I certainly will open the floor, because I'm very interested, Mr. Cardamone, in what you have to say on FATCA.

Finance committee  I would actually like to take the opportunity to build on that thought. I've heard comments from many that there should be this multilateral exchange and free flow. To some degree, I always saw the TIEAs as being precursors to something like FATCA. Really, can you talk about

Finance committee  All that FATCA has to do with is...[Technical difficulty--Editor]...holders in foreign banks, and those foreign banks have to report back to the United States Internal Revenue Service. It's multilateral in that any foreign bank that has American account holders in it has

Finance committee  I recognize that TIEAs are bilateral on request. FATCA, then, becomes an automatic one-way. So is the natural evolution not just a multilateral two-way?