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Belgium and US exchange bank information
Belgium
12:04 14/04/2014
Belgium has signed an agreement with the United States on the automatic exchange of financial information. The agreement calls for Belgian banks to transfer to US tax authorities any information on Americans with Belgian shares or interest stemming from a savings account with a Belgian bank. The reverse is also true for Belgians in the US.
The Foreign Account Tax Compliance Act (FATCA) was introduced by the US to bring an end to tax evasion by Americans through accounts abroad. Several European countries already have an agreement with the US regarding the exchange of banking information. The act takes effect in Belgium from September 2015.
Comments
""The reverse is also true for Belgians in the US.""
No, it's not. The agreement says it might be true in the future. This "agreement" (that had to be signed or the USA close our banks) is a disgrace. We have thrown Belgian citizens under the illegitimate tax horror that the USA operates outside of it's own borders. Shame on the people that signed this.
And now the word is out. After forcing the entire world to implement FATCA at the point of a financial gun, after promising reciprocity in the intergovernmental agreements, the USA has said it. The Treasury had no authority to promise reciprocity and hell will freeze over before they force billions in costs on US banks in order to report tax paying American to foreign countries. All the USA has done here is close down the competition. If you want to hide money or ultimate ownership of a business, Delaware will welcome you with open arms.