Belgium Prohibits Transfers of Tax Data to IRS Under FATCA

Tax Notes Today International, May 25, 2023

"Belgium Prohibits Transfers of Tax Data to IRS Under FATCA" by Kiarra M. Strocko

"The Belgian tax authority will need to consider what steps to take if this ruling is to be implemented, said Charles Bruce of American Citizens Abroad. FPS Finance '“will be talking
with U.S. Treasury, and the Belgian banks and other financial institutions will no doubt want to weigh in,”' he added. Bruce said that ultimately incorporating a same-country exemption into FATCA — which was proposed but not added as an amendment to the U.S. National Defense Authorization Act — would be ideal for Americans abroad, foreign banks, and foreign tax
authorities."

'“The silver lining here is taxpayers and groups representing them are pushed to become more vocal, calling for hearings on taxation of Americans abroad,”' Bruce said, adding that those
groups '“are banging their drums.”'

Read more...