Lobbyists call for repeal of FATCA legislation, claiming the bureaucracy is a threat to US businesses

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23 different lobbying organisations specialising in tax legislation in the US have applied to congressional leaders, in an attempt to dissuade them from passing the upcoming all-encompassing reform of the US tax system, including the repeal of the FATCA ruling. (Foreign Account Tax Compliance Act).

The letter from the Party for Freedom and Prosperity criticises FATCA for failing in its primary objective; to catch HNW tax evaders. FATCA also ‘entangles innocent US businessmen with excessive reporting requirements and penalties for small oversights, and encourages other international organisations to ‘pursue aggressive tax rulings that threaten US businesses as well as the general global economy’.