The US tax authority wants to oblige all banks around the world to disclose the data of customers from the United States. So will the authority American citizens around the world locate black money and combat tax evasion. Would this law with a considerable burden for European banks. They fear not only a loss of business customers, they should invest money to set up the appropriate infrastructure.
Should financial institutions be unwilling to give out the data, they would be confronted with significant sanctions. A company is not willing to cooperation, a tax of 30 percent on all US income from financial assets, which recognised the Institute is threatened. This tax is due even if the bank pays the income for the customer's account.
If the so-called foreign account tax compliance Act, or FACTA, enters into force must all banks either separate from their US customers or announce their data. Legally, this commitment is indeed controversial, but the United States have already signed an agreement with several European countries. In addition to Germany, also France, Spain, Italy and the United Kingdom have consented to implement FACTA. This means that the Europeans agree a far-reaching tax American hegemony.
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