Thoughts On: ”FATCA LEGISLATION AND ITS APPLICATION AT INTERNATIONAL AND EU LEVEL: - AN UPDATE

<p>September 30, 2022 - Participants Include:</p> <p> </p> <p>Anthony Parent - <a href='https://www.twitter.com/irsmedic'>@IRSMedic</a></p> <p> </p> <p>Keith Redmond - <a href='https://www.twitter.com/keith__redmond'>@Keith__Redmond</a></p> <p> </p> <p>John Richardson - <a href='https://www.twitter.com/expatriationlaw'>@Expatriationlaw</a></p> <p>______________________________________________</p> <p> </p> <p>Abstract - FATCA LEGISLATION AND ITS APPLICATION AT INTERNATIONAL AND EU LEVEL: - AN UPDATE:</p> <p> </p> <p>"Abstract This in depth analysis updates a previous report commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs and describes the most relevant developments in the period 2018-2022 in chronological order and then draws conclusions which include a systemic view of the current institutional dynamics, a provisional legal analysis on the basis of existing rules and policy suggestions."</p> <p> </p> <p>Conclusion - Policy Suggestions:</p> <p> </p> <p>7.3. Policy suggestions This paper concludes confirming the policy suggestions of the Report 2018 and advised by the European Parliament in the resolution of 5 July 2018 that attain to (i) bilateral EU-U.S. policies, (ii) unilateral EU policies, and (iii) multilateral policies in a broader sense. These policy suggestions are obviously impacted by the institutional constraints that have been highlighted in this in depth analysis. Bilateral EU-U.S. policies essentially imply the modifications of IGAs to align with GDPR and providing full reciprocity in the transfer of tax data between the EU and the U.S. </p> <p>Unilateral EU policies are a second-best choice, should bilateral policies fail. There are three main actions in this area. • The U.S.’s failure to honour reciprocal guiding information exchange could lead to an investigation into the possibility for the EU of enacting “blocking legislation about reciprocity” that would apply until such time as the reciprocity is re-established in relation to FATCA. •