# “Dutch tax minister to raise FATCA problems with Washington”



## underation (Oct 25, 2018)

“Dutch tax minister to raise FATCA problems with Washington”



> ‘This week I spoke to a number of Dutch people who experience problems because of the American FATCA regulations,’ Snel said. ‘They are confronted with high costs and red tape, while they did not even realise they are liable for tax in the US. ‘I am going to do my best to try to find a solution for these people while I am in Washington,’ the minister said.


https://www.dutchnews.nl/news/2019/05/dutch-tax-minister-to-raise-facta-problems-with-washington/


----------



## Bevdeforges (Nov 16, 2007)

More power to him. But don't hold your breath.


----------



## underation (Oct 25, 2018)

:amen:


Bevdeforges said:


> More power to him. But don't hold your breath.


I agree. It’s good to see another European country expressing concern though.

And who knows - perhaps the option of a threshold might eventually get implemented, which at least would help some who can’t afford to renounce. See Politico’s very brief mention of the French report:



> FATCA critics have said the law goes over the top in its efforts to stop tax evasion, and they have pushed to both repeal the law and to move the U.S. toward residence-based taxation. The French report, co-authored by an ally of President Emmanuel Macron and a member of the opposition, seeks ways to reduce double taxation because of FATCA and calls for the law to apply only to those of certain wealth or income levels.


https://www.politico.com/newsletters/morning-tax/2019/05/16/retirement-hiccups-437185


----------



## Bevdeforges (Nov 16, 2007)

Actually, the solution that has been proposed by ACA and other expat organizations is to exempt from reporting all accounts held in the "taxpayer's" country of residence. The banks (and investment companies) would then only have to report accounts held by non-residents.


----------



## underation (Oct 25, 2018)

Bevdeforges said:


> Actually, the solution that has been proposed by ACA and other expat organizations is to exempt from reporting all accounts held in the "taxpayer's" country of residence. The banks (and investment companies) would then only have to report accounts held by non-residents.


Yes, that would be great, I agree. I don't know how popular it would be with the residence countries, though - or at least my residence country, the UK - to let the banks stop reporting accounts belonging to resident USCs to HMRC.


----------



## Bevdeforges (Nov 16, 2007)

underation said:


> Yes, that would be great, I agree. I don't know how popular it would be with the residence countries, though - or at least my residence country, the UK - to let the banks stop reporting accounts belonging to resident USCs to HMRC.


I suspect they already do so. Don't the banks in the UK regularly report on bank earnings (of all their account holders, not just UK citizens) to HMRC? They certainly do so here in France - it's a normal part of many tax systems.


----------



## underation (Oct 25, 2018)

Bevdeforges said:


> I suspect they already do so. Don't the banks in the UK regularly report on bank earnings (of all their account holders, not just UK citizens) to HMRC?


Yes. But the banks are not legally allowed to send HMRC automatic reports on accounts held by residents - not unless there is reason to suspect wrongdoing or the accountholder has a US birthplace.


----------

