The difficulties of applying the Foreign Account Tax Compliance Act (FATCA)
La Revue Française de Comptabilité (RFC) is an internationally recognized, technical-refereed publication of the French national accounting organization Conseil Supérieur de l‘Ordre des Experts-comptables. It is a monthly published for accounting practitioners, educators and students and other financial professionals. The RFC covers a broad range of topics including management, accounting, taxation, business law, labor law. Technology.
In the April 2020 issue of the RFC, Mathieu Aimlon shared his insights and expertise on the difficulties of applying the Foreign Accounts Tax Compliance Act (FATCA). This is a major issue that affects the lives of Americans living abroad and residents of the United States for tax purposes. The following is a published excerpt of Mathieu’s article.
Since 2013, the practical difficulties of applying the law on tax compliance for foreign accounts have been constantly denounced.
For example, in July 2018, the European Parliament adopted a resolution aimed, among other things, at drawing the European Commission’s attention to the practical difficulties of applying the FATCA law. In France, a May 2019 parliamentary report advocated that the government renegotiate the November 2013 FATCA agreement between France and the United States of America, and, if negotiations fail, to repeal its provisions. In July 2019, the Conseil d’État rejects the appeal of the Association of Accidental Americans seeking the repeal of the FATCA agreement between France and the United States of America. Finally, in Canada, in July 2019, the federal court in Ottawa rejected a similar request by two Canadian-Americans.
