Finance committee  Actually, I think FATCA is evolving toward an intergovernmental system, because FATCA, as drafted, really doesn't work very well. It's just incredibly intrusive. The United States has developed several models of intergovernmental arrangements, and it's negotiating currently

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   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  Thank you. My name is H. David Rosenbloom. I am a tax attorney and a professor of tax law. My area of specialization is international, or cross-border, taxation. I am a member of Caplin and Drysdale, a U.S. law firm. I am also director of the international tax program at New

Finance committee  I thank the committee for the invitation to make this presentation. My name is H. David Rosenbloom. I am private a tax attorney and a professor of tax law at New York University's School of Law. I have specialized for nearly 40 years in international or cross-border taxation

Finance committee   to welcome Mr. Thomas Cardamone, managing director for the Global Financial Integrity organization. Welcome. Also by video conference from New York, I want to welcome Mr. H. David Rosenbloom, from Caplin & Drysdale. Mr. Rosenbloom is also attached to New York University School

Finance committee   not collect any information to exchange with us. There are ways around it, as David Rosenbloom has mentioned. The U.S. FATCA essentially takes away the tax authority by imposing the obligation to collect and provide information, imposing that on the financial intermediary itself. That's

Finance committee  It's unique in protecting the U.S. tax base from foreigners using Cyprus to invest in the United States. As I indicated later, that may not be as big a problem in Canada as it is for us, because we will generally reduce our tax down to zero, certainly on interest on royalties dow

Finance committee  I don't think I would endorse nothing at all. The exchange-of-information provision is useful. It has a limited utility. It's basically designed to produce information in specific cases. If a tax administration has a particular taxpayer and the information is in the treaty partne

Finance committee  I do not see that. The treaties are designed to avoid double taxation. They're basically focused on foreigners investing in Canada as opposed to Canadian companies investing abroad. I do know enough about Canadian taxation to know that you have a greater degree of connection bet

Finance committee  I do.

Finance committee  Yes. The United States has automatic information exchange with many countries. In fact, that's the rule in the United States. I don't know that it is.... Automatic information exchange, as far as I understand, basically involves your turning over the information you collect to th

Finance committee  From my vantage point, which is of course from the United States and not Canada, I don't have much objection to any of these six agreements, frankly. The two information exchange agreements are broadly consistent with what's in the OECD. The ones with Namibia and Serbia are prett

Finance committee  The treaties you're examining today basically relieve both excess taxation and, to some extent, double taxation, while protecting the Canadian tax base on inbound investment from abroad. I don't think these treaties have much to do with outbound investment from Canada. Treaties

Finance committee  Treaties are there to address double-taxation. That's their principal function. For me, the main reason that a treaty exists is that it establishes an international dispute-resolution mechanism to resolve cross-border disputes. Because we don't have a world tax court, we need to