Exporting FATCA

7 Pages Posted: 2 Feb 2014 Last revised: 20 Mar 2014

Joshua D. Blank

New York University School of Law

Ruth Mason

University of Virginia School of Law

Date Written: February 1, 2014

Abstract

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

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

Joshua D. Blank (Contact Author)

New York University School of Law ( email )

40 Washington Square South
New York, NY 10012
United States
(212) 998-6479 (Phone)

HOME PAGE: http://its.law.nyu.edu/facultyprofiles/profile.cfm?personID=23511

Ruth Mason

University of Virginia School of Law ( email )

580 Massie Road
Charlottesville, VA 22903
United States

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