Fatca and its key provisions and the issues of its application in Peru
DOI:
https://doi.org/10.18800/derechopucp.201401.005Keywords:
Fatca, tax evasión, bank secrecyAbstract
As an answer to the international tax evasion problem, the U.S. Congress issued the Foreign Account Tax Compliance Act – Fatca. This Act aims to promote tax compliance among citizens and U.S. residents holding foreign bank accounts. To this effect, Fatca requires Foreign Financial Institutions to enter into an agreement with the Internal Revenue Service (IRS) to provide the IRS information about the identity and the status of the bank accounts held by US persons. Entities not willing to enter into an agreement with the IRS will be subject to a 30% withholding on U.S. sourced income regardless of whether the income is tax exempt. The application of this Act in our country brings a lot of concern regarding some issues, such us extraterritoriality, bank secrecy, the application of civil and criminal law. Since the effective date of implementation of Fatca is July 1, 2014, we understand that an official opinion concerning these issues and the possibilityto enter into an Intergovernmental Agreement with the U.S. government will be forthcoming in the following months.
Downloads
References
Avi-yonah, Reuven S. «What Goes Around Comes Around: Why the US is Responsible for Capital Flight (and What it Can Do about It)», p. 5.
Avi-yonah, Reuven SI (2010). «The Case Against Taxing Citizens». U of Michigan Law & Econ, Empirical Legal Studies Center Paper, 10, 9. (http://ssrn.com/abstract=1578272).
Avi-yonah, Reuven SI (2013) . «What Goes Around Comes Around: Why the US is Responsible for Capital Flight (and What it Can Do about It)». University of Michigan Public Law ResearchPaper, 307, p.
Behrens, Frederic Alain (2013). «Using a Sledgehammer to Crack a Nut: Why FatCa Will Not Stand».Wisconsin Law Review, 1, p. 213 (http://ssrn.com/abstract=2247615).
Center for Freedom and Prosperity (http://freedomandprosperity.org/core-principles/tax-competition/)
Christians, Allison (2013). «Drawing the Boundaries of Tax Justice». (http://ssrn.com/abstract=2230668).
Christians, Allison (2013). «Fatca Q&A: A work in progress». (http://taxpol.blogspot.com/2013/12/fatca-q-work-in-progress.html).
Christians, Allison. Fatca Q&A (http://allisonchristians.com/fatca-q-a).
Code of Federal Regulations. Sección 26, 1.1472-1, «Withholding on NFFES».
Decreto ley 25665.
Dizdarevic, Melissa A (2011). «The Fatca Provisions of the Hire Act: Boldly Going Where No Withholding Has Gone Before». Fordham Law Review, 79 , p. 2977 (http://ir.lawnet.fordham.edu/flr/vol79/iss6/14).
García Novoa, César (2005). «Reflexiones sobre las medidas para combatir la elusión fiscal. Cláusulas generales y especiales». Vectigalia, 1, p. 121.
Grinberg, Itai. «Taxing Capital Income in Emerging Countries: Will Fatca Open the Door?». Georgetown Public Law Research, 13, 31 (2013), p. 9..
Gunn, Alan (1978). «Tax avoidance». Michigan Law Review, 76, 5, p. 733 (http://www.jstor.org/stable/1287988).
Internal Revenue Service (IRS) (http://www.irs.gov/Businesses/Corporations/Information-for-Foreign-Financial-Institutions).
Internal Revenue Service (IRS) (http://www.irs.gov/Businesses/Corporations/Summary-of-Key-FatCa-Provisions).
Nota de prensa del seminario «Normas antielusivas y régimen fiscal para financiamiento de empresas» (http://www.procapitales.org/web/imagenes/eventos/pdf/f_459_Nota%20de%20Prensa%20Seminario%20-%20Julio%202013.pdf).
Perea, Alexis (2013). «Informe Temático N.° 11/2012-2013: Secreto bancario y reserva tributaria: definición conceptual, tratamiento jurídico en la legislación nacional y legislación comparada». Lima: Departamento de Investigación Parlamentaria, p. 11.
Ring, Diane M. «What’s at Stake in the Sovereignty Debate?: International Tax and the Nation-State». Virginia Journal of International Law, 49 (2008), p. 4.
XXIV Jornadas Latinoamericanas de Derecho Tributario (Venezuela). «La elusión fiscal y los medios para evitarla» (http://www.ichdt.cl/resolucion.htm).
Downloads
Published
Issue
Section
License
Copyright (c) 2016 Derecho PUCP
This work is licensed under a Creative Commons Attribution 4.0 International License.
