The Open Letter notes in detail the sharp inquiry made to the ruling Conservative government in Ottawa from the Green, New Democrat, and Liberal parties in Opposition. (In an indication of growing resistance to FATCA across the political spectrum, labor unions joined a recent anti-FATCA protest.) Finally, the Open Letter asks CBA belatedly to launch an effort to help secure FATCA's repeal.
If Canada declines to submit to FATCA by signing an IGA, the consequences would be far-reaching. It is well-established that FATCA cannot be enforced without a large number of IGAs being signed, particularly with America's major trade and finance partners. (To date, there are fewer signed IGAs than Treasury had predicted by the end of 2012!) Of these potential partners, the biggest and most important is Canada. As the Open Letter observes:
"If the Canadian Government and Canadian citizens spoke with one voice and told the U.S a firm 'No' on an IGA, and a firm 'No' on FATCA enforcement in Canada, it would resound around the world. Other countries would be encouraged to stand up to the U.S. on FATCA, and the path to the repeal of this misguided law would be opened."
James George Jatras
Editor, RepealFATCA.com
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Contact RepealFATCA.com and find out how you can help get rid of "the worst law most Americans have never heard of"!
Twitter: @RepealFATCA
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The full text of the press release and Open Letter follow:
Canada's Banks: Would they Sacrifice Charter and Privacy Rights to Comply with Extraterritorial U.S. Tax Law?November 12, 2013
For Immediate Release
TORONTO -- U.S. Treasury officials are engaged in a financial attack on millions of law-abiding Canadians and Canada's banking industry appears ready to help them win.
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