7 Pages Posted: 2 Feb 2014 Last revised: 20 Mar 2014
Date Written: February 1, 2014
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.
Keywords: FATCA, sanctions, tax compliance, tax delinquent, tax enforcement, tax evasion, offshore
JEL Classification: H20, H23, H24, H25, H26, H29, K34, K14
Suggested Citation: Suggested Citation
Blank, Joshua D. and Mason, Ruth, Exporting FATCA (February 1, 2014). 142 Tax Notes, Forthcoming; NYU Law and Economics Research Paper No. 14-05. Available at SSRN: https://ssrn.com/abstract=2389500