Treasury Faces a Labor of Sisyphus to get FATCA Infrastructure in Place | Let's Talk About: US Tax http://t.co/qfh60l07Oo
— V. La Torre Jeker JD (@VLJeker) September 22, 2014
The U.S. Treasury has been working overtime to:
1. Persuade the world’s sovereign countries to cede their sovereignty to and “Pledge FATCA obedience” to the U.S.
2. “Make the world believe” that Treasury has been and will continue to be successful.
In order to achieve this, Treasury has created what I call “the pretend IGA”. A “pretend IGA” is where a country has NOT signed an IGA, but it is anticipated (presumably by Treasury) that an IGA will be signed. That is to say, that an IGA is a “done deal”.
The tax compliance complex has (for the most part) joined the Treasury Chorus to sing to the tune of:
“It’s a small (FATCA) world after all“.
The problem is that neither Treasury nor the FATCA Compliance Complex deal in facts. They deal in “myths”.
Facts are stubborn things
An interesting post appears on U.S. tax lawyer Virginia La Torre Jeker‘s blog which considers the “FATCA of the matter”.