At G20 last year, all governments agreed to report everyone everywhere to their host countries for tax purposes. The hunt for taxes is destroying the world economy at a staggering rapid pace and this is far worse than even I had anticipated when we first forecast BIG BANG would hit 2015.75 back in 1985.
Here is a email a non-US citizen received from his trust company in Malta.
“The reporting charges have arisen
due to the implementation of new U.S legislation known as the Foreign
Account Tax Compliance Act (“FATCA”) which has been introduced as
part of a global initiative to create an International tax reporting
regime. Together with the majority of the World’s major trading nations,
the Maltese Government has entered into an agreement with the US
Authorities to implement FATCA legislation in Malta. The
legislation has required all Trust Companies in Malta to evaluate all
structures operated on behalf of clients and categorise them according
to detailed rules set out in the FATCA legislation. This
categorisation process is not just limited to structures operated on
behalf of US clients, or clients holding US assets but has to include
all clients and structures irrespective of where clients and their
structures are domiciled. We can advise you that
has taken extensive legal and tax advice regarding the categorisation
of clients and which information should be reported according to various
trigger reporting events since our accounting and client management
systems have to be tailored to supply relevant information on a per
client and entity basis to the Malta Authorities who then
report directly to the IRS.
Consistent with many other
Trust Companies a decision has been taken to pass on some of the costs
of this work to client structures for whom we act. Accordingly a December invoice will
be issued for a one off fee of £250 that will be described in the
invoice as a FATCA classification fee.“
沒有留言:
張貼留言