Joshua D. Blank
New York University School of Law
University of Virginia School of Law
February 1, 2014
142 Tax Notes, Forthcoming
NYU Law and Economics Research Paper No. 14-05
The Foreign Account Tax Compliance Act (FATCA) represents a powerful response by the United States to flagrant offshore tax evasion. Although the new reporting regime has been criticized as unilateral and extraterritorial, this short article, prepared for a symposium hosted by Pepperdine Law Review, shows that multilateralism and cooperation so far have been the keys to implementing FATCA. In addition to spurring bilateral Intergovernmental Agreements (IGAs) to implement FATCA, and copycat legislation in other jurisdictions, for many countries, the FATCA reporting requirements represent an aspirational new global standard for automatic exchange of information – one that would supplement, if not replace, information exchange on request.
Number of Pages in PDF File: 7
Keywords: FATCA, sanctions, tax compliance, tax delinquent, tax enforcement, tax evasion, offshore
JEL Classification: H20, H23, H24, H25, H26, H29, K34, K14
Date posted: February 2, 2014 ; Last revised: March 20, 2014
© 2015 Social Science Electronic Publishing, Inc. All Rights Reserved.
This page was processed by apollo2 in 0.375 seconds