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FATCA
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Author | Message |
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janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA Sounds very much like Fatwa. |
KWSN - MajorKong Send message Joined: 5 Jan 00 Posts: 2892 Credit: 1,499,890 RAC: 0 |
http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA What about it, Janneseti? Which aspect of it do you have an issue with? I have quite a number of issues with it, but it is kinda old news around here. edit: ahh, your edit... LOL, it does, doesn't it. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
[quote]http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA To be treated as a criminal for one. And its news to Scandinavia! I may be stupid but US laws dont apply here! Margot our new FM agree to this! http://www.pwc.se/sv/bank-kapital/publikationer/fatca-en-amerikansk-lag-med-stor-paverkan-for-finansiella-bolag-varlden-over.jhtml |
KWSN - MajorKong Send message Joined: 5 Jan 00 Posts: 2892 Credit: 1,499,890 RAC: 0 |
[quote]http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA Well, quite a number of US citizens have money invested outside the USA. The US Government feels that they should pay taxes on it. Me personally, I feel that if I have money invested in, for example, Sweden, that it should be subject to taxes in Sweden. But it should NOT be subject to taxes in the USA unless and until I move the money back to the USA. As I said, I have huge issues with this law. I do feel it is an attempt to violate the National Sovereignty of other nations. It is bad and needs to be repealed. |
Gary Charpentier Send message Joined: 25 Dec 00 Posts: 30608 Credit: 53,134,872 RAC: 32 |
[quote]http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA I suspect you have issues with money laundering laws as well, of which this is just a specific tax related form. I'm not too keen on them either. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
[quote]http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-FATCA I have no problem with paying taxes in a country I have invested in. Its when the tax goverments demands me to declare the sum the country want me to pay I get angry. No one call tell me what the sum is! Yesterday I called the Swedish taxman and asked what the English taxman is called so I could contact them. She said IRS;) Silly answer. Anyway i googled and after about 10 seconds I got the answer. HMRC which stands for Her Majesty Revenue and Customs. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
"FATCA comes into force by 1 January 2014 - time becomes a critical factor. We show you how you can prepare your organization for the challenges of the regulatory framework in a pragmatic and effective way. " http://www.pwc.se/sv/radgivning/foreign-account-tax-compliance-act-fatca.jhtml |
Jim Franklin Send message Joined: 3 Apr 99 Posts: 108 Credit: 10,843,395 RAC: 39 |
Jannesti, forget dealing with HMRC, use an accountant. The HMRC are underpaid simpletons who cannot get a job elsewhere. They lose tax records like whores lose underwear, they could not find a tax evader sat in their offices and overall they are failed communist unionised idiots who are not worth the air they breath. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
Jannesti, forget dealing with HMRC, use an accountant. The HMRC are underpaid simpletons who cannot get a job elsewhere. They lose tax records like whores lose underwear, they could not find a tax evader sat in their offices and overall they are failed communist unionised idiots who are not worth the air they breath. Maybe you are right. At least I Think HMRC or Swedish Skatteverket could give me this answer. http://www.tradingeconomics.com/bonds If revenue services cant read or do math... But dont they have computers to do all this? |
Jim Franklin Send message Joined: 3 Apr 99 Posts: 108 Credit: 10,843,395 RAC: 39 |
What is the question though? |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
What is the question though? Do whores wear underwear? |
Gary Charpentier Send message Joined: 25 Dec 00 Posts: 30608 Credit: 53,134,872 RAC: 32 |
What is the question though? I think he is upset that is you do business with the USA you have to follow their rules. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
What is the question though? Can you blame him? The rules of the US should stay where they are - in the US, & not in other countries. |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
What is the question though? What do I pay in UK in tax? Is it 10 euro, 100 euro or is it 1000 euro. I dont know. No Revenue service does. Oldmutual Welth who manages my investment does not know. They said it is so complicated to calculate it... Now I how to figure it out my self. Otherwise I'm a tax evador! |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
What is the question though? I dont do business with USA. It is UK! And I am living in Sweden. Not USA! Wonder if US can tell what government borrowing percentage is in US. In Sweden it's now 0%. Yes zero percent. http://www.dn.se/ekonomi/riksbankens-nya-ranta-0-procent/ |
KWSN - MajorKong Send message Joined: 5 Jan 00 Posts: 2892 Credit: 1,499,890 RAC: 0 |
What is the question though? Well, if you do not do business with the USA, then why did you start the thread with a link to the USA's Internal Revenue Service (our Federal Tax service)? To answer your question, as far as I can tell, that website you quoted about '0%' was about the rate that the Central Bank in Sweden charges other banks in Sweden to loan them money. In the USA, the equivalent would be the Federal Discount Rate. It is currently, and has been for a year, at three quarters of one percent... 0.75% |
janneseti Send message Joined: 14 Oct 09 Posts: 14106 Credit: 655,366 RAC: 0 |
What is the question though? I started the thread because US now want all companies in the world to deal with US tax evadors. Companies worldwide are increasingly affected by US regulations even though they do not have operations in the US market. One of the more far-reaching regulations that became final in the US Foreign Account Tax Compliance Act, or FATCA. https://translate.google.se/translate?sl=sv&tl=en&js=y&prev=_t&hl=sv&ie=UTF-8&u=http%3A%2F%2Fwww.pwc.se%2Fsv%2Fbank-kapital%2Fpublikationer%2Ffatca-en-amerikansk-lag-med-stor-paverkan-for-finansiella-bolag-varlden-over.jhtml&edit-text= WHY? According to this US Federal Discount Rate (Government Bond) is 2.25% http://www.tradingeconomics.com/united-states/indicators |
Gary Charpentier Send message Joined: 25 Dec 00 Posts: 30608 Credit: 53,134,872 RAC: 32 |
What is the question though? I take the NY Fed(eral reserve bank) as authoritative ... http://www.newyorkfed.org/markets/omo/dmm/fedfundsdata.cfm As to doing business with the USA, if you invest here, as all those companies you bitch about do, then the money that is invested in the USA is subject to USA rules. Just because the USA has imposed a crazy 30% tax rate with an option to have it zero if you fill out a bunch of reports, doesn't mean that anyone is being forced to do anything. Well, actually it does. The dirty little secret is your banks and brokerage houses can't place all the money entrusted to them in your own stock and bond markets. They have to invest in US companies and trade in US securities. So they become subject to US law. |
KWSN - MajorKong Send message Joined: 5 Jan 00 Posts: 2892 Credit: 1,499,890 RAC: 0 |
What is the question though? Gary, the link Janneseti posted, that I responded to, translated to English using Google Translate: https://translate.google.com/translate?sl=sv&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.dn.se%2Fekonomi%2Friksbankens-nya-ranta-0-procent%2F&edit-text= States that: "The Executive Board cut its repo rate by 0.25 percentage points to zero percent and revises repo rate down significantly ./.../ Only in mid-2016, it is considered appropriate to slowly start raising interest rates," the Riksbank announced on Tuesday. The 'repo rate' is defined as follows: http://economictimes.indiatimes.com/definition/repo-rate Repo rate is the rate at which the central bank of a country (RBI in case of India) lends money to commercial banks in the event of any shortfall of funds. Now then, the Federal Reserve Bank of New York link that you provided is on the Federal Funds rate, which is the interest rate at which depository institutions lend balances to each other overnight Shows as 0.09% for 10/28/2014. This is NOT the equivalent rate to what Janneseti posted. The equivalent rate to what Janneseti posted is the 'Primary Credit Rate' which is usually referred to as the 'Discount Rate', which is Primary Credit Rate: 0.75% Using your authorative source, the New York Fed, that would be here: http://www.newyorkfed.org/banking/discountwindow.html @Janneseti, It seems that you are confusing a few things as well. According to your link: http://www.tradingeconomics.com/united-states/indicators Government Bond 10Y 2.28 2.50 6.37 Percent 2014-10-28 Daily That is the 10 year Bond rate, which is the interest rate which the US Government pays investors to loan IT (the US Federal Government) money. It has nothing to do with the Discount Rate (the interest rate the US Federal Reserve Bank charges regular banks in the USA to loan money to them) or to Gary's quoted Federal Funds rate (which is the rate that regular banks in the USA charges other regular banks in the USA to loan THEM money). Yes, all this can, at times, get a little confusing, but then it is not exactly Rocket Science. And Gary is correct in his answer to you: As to doing business with the USA, if you invest here, as all those companies you bitch about do, then the money that is invested in the USA is subject to USA rules. Just because the USA has imposed a crazy 30% tax rate with an option to have it zero if you fill out a bunch of reports, doesn't mean that anyone is being forced to do anything. |
Gary Charpentier Send message Joined: 25 Dec 00 Posts: 30608 Credit: 53,134,872 RAC: 32 |
http://en.wikipedia.org/wiki/Discount_window The interest rate charged on such loans by a central bank is called the discount rate, base rate, or repo rate, and is separate and distinct from the prime rate. It is also not the same thing as the federal funds rate and its equivalents in other currencies, which determine the rate at which banks lend money to each other. In recent years, the discount rate has been approximately a percentage point above the federal funds rate (see Lombard credit). Because of this, it is a relatively unimportant factor in the control of the money supply and is only taken advantage of at large volume during emergencies. OBW that 0.09% fed funds rate, you will rarely find a bank paying you more than that rate on your checking account. They have to make money. |
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