13/07/22

US: EU delegates set for Fatca crunch talks.

As published on international-adviser.com, Wednesday 13 July, 2022.

The European Parliament’s committee on petitions (Peti) is off to Washington DC between 18 and 22 July 2022.

In its ‘fact-finding mission’, the European delegation will raise awareness and discuss the impact of the Foreign Account Tax Compliance Act (Fatca) on EU citizens.

The committee wants to discuss different views with tax officials, senators and representatives in congress and stakeholders, to find “concrete solutions for the problems of the numerous EU citizens and their family members impacted by the extraterritorial application of citizenship-based taxation,” it said.

The delegation is a follow-up of “recently discussed petitions relating to the effects of Fatca, especially those with dual EU-US nationality,” the European Parliament added.

Some of the difficulties people are facing include a lack of access to some financial services, “alleged infringements” of EU rights and exemptions from some consumer protection legislation.

This isn’t the first time the EU and US meet to talk about the impact of Fatca, as International Adviser previously reported the US Treasury had met with EU financial bodies in February 2020 to “exchange views” on regulation and taxation.