(Updated June 5)
‘Just Me’ on the Isaac Brock Society site has posted a link to the entire testimony of the public hearings, and has listed some of the more important comments made by the speakers. It’s a good, informative post, and the comments that follow are also worth reading, so rather than posting all of the individual links to testimonies here, I am linking over to his post:
I found a link to a notice from the IRS on who were scheduled to speak at the public hearings. http://image.exct.net/lib/ff021575766606/d/1/IRS%20Public%20Hearing%205-15-2012.pdf
It included Canadian Bankers Association, TD Bank Group, World Council of Credit Unions and representatives from Sweden, Switzerland, Japan, and Australia.
The Baker Hostetler’s Tax Group has published a summary of the comments: http://www.bakerlaw.com/news/detail.aspx?news=2a118dc7-f969-43b1-9c11-f79d1cb4313d
Wiezer Mazurs published a summary as well: http://www.weisermazars.com/
Convey’s summary: http://www.convey.com/2012/05/fatctakeaways/
SIFMA’s presentation: https://www.sifma.org/issues/item.aspx?id=8589938728
Federal Taxation Developments blog: http://www.i4u.com/2012/05/money-laundering/implementation-and-irs-criticism-hearings-services-recent-banking-fatca
Below is the speech by Darren Hannah of the Canadian Bankers Association: http://www.cba.ca/contents/files/presentations/pre_20120515_irsfatca_en.pdf
His themes for the speech seem to be “reduce complexity and “more time”. He does say, “Canada is not a tax haven and is a low risk of harbouring U.S. tax evaders. Canada has a higher personal income tax rate than the U.S. and has an automatic non-resident tax information sharing arrangement with the United States that is unique. That combination makes it highly unlikely that a U.S. tax evader would choose Canada as his destination of choice. We believe that U.S. officials should take that into account when drafting regulations for FATCA and developing Foreign Financial Institution agreements.”
It appears to me all that’s happening is that the various banks & associations are asking for more time and more clarity so they can implement properly.
Is this a delaying tactic while they figure out a way around this, or is it real – they just want more time? I’d hoped for stronger words, actually denouncing FATCA, but I guess that was me being naive again. This very likely was not the forum for that, but any protesting would need to be done at a higher, governmental level.
Blogger, Renounceuscitzenship, asks, on the Isaac Brock site, “U.S. seeks to impose FATCA on the rest of the world – will the world really comply.
The answer is obviously a resounding YES.