Some
politicians
have used the very myopic argument that USA has the right to
determine its own
taxation rules. Of course it does, so does Taiwan, but does the
USA have the
right to impose US taxation rules on Taiwanese citizens living
in Taiwan who
have never earned a dime of US source income? Even if you think
so, and I can’t
imagine why anyone would, does USA have the right
through its
taxation laws to effectively prevent some Taiwanese from
planning and saving
for their retirement?
This
is what FATCA
in combination with USA’s unique to the world citizenship-based
taxation laws
will do to Taiwanese and their families where one family member
is deemed to
have ‘US person‘s status.
Who is a
‘US
person’ living in Taiwan? Although you may be a Taiwanese
citizen, FATCA
considers you a ‘US person’ if you:
·
were born in USA even if you left as a young child, and
your parents are
Taiwanese!
·
were born in Taiwan to one or more American parents, even
if you never
lived in USA!
·
regularly visit the USA and meet the substantial presence
test
·
hold a green card
·
are an American citizen
What
Information
will FATCA collect?
FATCA
requires all
Taiwanese financial institutions to report annually to the IRS
(to be done via
IGAs through the FSC) on details of a variety of bank accounts
with focus being
on account balances.
What
happens if I
am married to a ‘US person’?
If you
have joint
accounts with your ‘US person’ spouse, those accounts will be
subject to FATCA
reporting regardless who actually earned the money inside those
accounts.
What
will USA do
with the bank account balances of Taiwanese who are ‘US
persons’ or share
accounts with a ‘US person’?
The vast
majority
of Taiwanese living in Taiwan with ‘US person’ status are
unaware that USA law
requires them to submit annual ‘Foreign Bank Account Reports’
(FBAR) detailing
bank accounts held in Taiwan which are considered ‘foreign’
despite being held
by a Taiwanese living in Taiwan. Financially devastating
penalties are imposed
for failure to file FBARs. The IRS will use the information it
gets from the
FSC to verify against FBAR reports, and will then assess
devastating penalties
for non reporting of these so-called ‘foreign’ accounts. Penalty
calculations
were devised as punishment for homeland Americans hiding untaxed
money
offshore, so they are very harsh, and are applied with no
consideration as to
whether or not the ‘US person’ is a Taiwanese living in Taiwan
or an American
living in USA.
Besides,
penalties
for not reporting my so-called ‘foreign’ accounts here in
Taiwan, what are the
taxation and retirement planning implications of being a
Taiwanese living in
Taiwan with ‘US person’ status?
Although
there is
an exemption of approximately $97,000 of earned income called
the Foreign Earned
Income Exclusion (FEIE) which provides relief from double
taxation of the first
$97,000 of Taiwanese earned income, the key is that it applies
only to EARNED
income. Non-earned sources of income are not subject to the
FEIE. Thus
Taiwanese with ‘US person’ status will be taxed by USA on the
following sources
of Taiwanese sourced income: disability benefits, unemployment
insurance
benefits, pension income, investment income, etc. Thus low-income
people and
retirees are double taxed on non-earned income which for most
retirees is the
bulk of their income.
US imposed
citizenship-based taxation laws mean it is impossible for a
Taiwanese living in
Taiwan with ‘US person’ status to effectively save for their
retirement, or for
the education of their children, or for the care-taking of their
disabled
children.
Why
can’t a Taiwanese
with ‘US person’ status just renounce their US citizenship,
and avoid FATCA
reporting, FBAR penalties, double taxation, and restrictions
on retirement
planning?
Most
Taiwanese with
‘US person’ status who have lived for decades in Taiwan were
unaware that the USA
considered them to be US taxpayers. This is not difficult to
imagine, because
citizenship-based taxation is counter to international taxation
norms, and not
intuitive. It
just plain does not make sense, and is unfair to tax someone
who does not live
in a country and does not earn in that country, just because
they were born
there. Many consider this a human rights violation and a form
of slavery. Only one
other
country in the world has citizenship-based taxation – Eritrea,
a dictatorship
in Africa.
So,
getting back to
the answering the above question, a Taiwanese with ‘US
person’ status
cannot relieve themselves of their US tax obligations by
renouncing US
citizenship. The renunciation process includes a promise that the ‘US
person’ either
is, or will become tax compliant for the prior 5 years. Getting
up to date on
past tax returns and FBARS is complex, expensive, and comes with
risk of
penalties for prior non-filing.
SUMMARY: FATCA is
an
American law which would be unenforceable in Taiwan, without the
cooperation of
the Taiwanese government. FATCA will be used to enforce American
laws on Taiwanese,
thus violating every Taiwan citizens’ sovereign right as a
country to govern
its own citizens. FATCA will be used to enforce immoral
citizenship based
taxation laws that run counter to the international norm of
residence based
taxation.
FATCA in
combination with citizenship-based taxation will ruin the
financial lives of Taiwanese
families who have one family member with ‘US person’ status. FATCA will
cause
Taiwanese of retirement age, who have saved and planned for
their retirement to
become reliant on Taiwan government handouts, rather than
their hard earned
money which will be siphoned off by the USA in the form of
mostly penalties
(relative to taxes owed) assessed on Taiwanese earned,
already highly taxed
money.
Please
reconsider
your view on FATCA and citizenship based taxation imposed by USA
on Taiwan, and
all countries in the world. It is too simple just to say,
‘USA has the
right to make its own taxation laws’. The picture is
much more
complicated than that. If USA had a law that prevented women
from driving,
would it be OK for USA to tell Taiwan that Taiwanese women with
‘US person’
status could not drive in Taiwan?
Think
about it.
Subject:
USA laws to be
implemented in Taiwan! 121 questions for the Taiwan Government
Concerning FATCA
and IGA Legislation! The public has a right to know!
Dear
Finance Minister
Chang,
Taiwan
is in the process
of accepting the American law FATCA, written by American
lawyers, in the
interest of the American Government. Below is a list of
questions that I
have for all involved that need to be answered.
1.
Have
you done a full
analysis and risk analysis concerning the USA FATCA regulation
and your Intergovernmental
Agreement (IGA)? I suspect you have not.
2.
Have
you not demanded
that your own legal department review the legal commitment that
Taiwan is
making to the USA? Do you make legal commitments without
using legal
advice? If so, what was the result?
3.
Do
you understand that
the definition of “US person” is owned by USA and not controlled
by any
IGA? You do understand what s US person is
today?
Today, it includes many Taiwanese citizens living in Taiwan,
some of them who
may have never set a foot in USA or ever had any connection with
the USA.
4.
What
is the risk of the
definition of “US person” changing? Is it controlled in
your IGA
agreement? The definition of US person changed as
recently as this summer
in similar situations---have you controlled in your IGA that it
isn’t going to
change again?
5.
As
you are implementing
and accepting USA law into Taiwan, do you understand that you
are taking upon
US punishments into Taiwan as well? Do you understand the
punishments
that are applicable to bank employees? Has your IGA
contract
specifically protected Taiwan bank employees from prosecution
under US law?
(No, it hasn’t and it doesn’t matter whether you have signed an
IGA or not.)
It
says:
Shall
be imprisoned not
more than 3 years;
Or
fined not more than
$250,000 for individuals ($500,000 for corporations);
Or
both, together with
cost of prosecution.
6.
Have
you taken into
account that the above punishments are US laws, not Taiwan laws,
and that they
are subject to change at any time according to US legislation or
US tax rules?
7.
The
Taiwan tax treaty
with the USA is unique, in that it requires Taiwan to aid in tax
and penalty
collection to the USA. Have you analyzed if Taiwan will
then be liable to
collect fines and/or extradite bank employees to USA?
8.
Are
you aware that the
IGA you are signing for Taiwan commits Taiwan to everything yet
commits USA to
nothing? (meaning that Taiwan gets nothing but promises in
return?) Reference
Rep Posey Letter to Treasury Secretary Jack Lew, July 1, 2013 as
below:
9.
You
are aware that an
IGA is not a treaty, aren’t you? A treaty needs to be
ratified by a
legislative body, and the IGA will not be.
10.
Are
you aware that the
IGA is not connected to the original FATCA legislation, HR 2847,
and therefore
does not commit the USA to anything?
11.
Have
you analyzed the
effects of FATCA upon Taiwanese citizens living in Taiwan?
12.
Have
you analyzed
FATCA’s reporting and mechanisms upon Taiwanese citizens,
regarding
discrimination according to national origin? Is it such
that certain Taiwanese
citizens are the new Jews? Will they be punished? How?
Bankrupted? Extradited?
Will they be loaded onto transports and sent off to their fate?
13.
What
changes to the
discrimination laws will be required in order to search out and
find citizens
of a particular nationality? Will Eritreans also be
searched out and
found? Perhaps Muslims? Jews?
14.
Have
you analyzed the
IGA? Do you realize that it over-rides existing tax
treaties?
15.
Do
you realize that the
information you are sending to the USA is not considered as
confidential tax
information (Title 26 information), rather that it is non-tax
information
(title 31), and hence not subject to the privacy rules which
govern USA tax
information?
16.
Have
you analyzed the
effects of the fact that the information from FATCA and its
reporting
mechanisms is shared with the NSA, the FBI, CIA and other
agencies?
Information not only upon US persons, but those that are one
contact away from
a US person and upon the Taiwanese FFI financial institutions.
17.
What
information from
the FFI’s will be shared with the other three-letter US
agencies?
18.
Have
you realized that
US tax law requires US persons to be financial spies inside
Taiwan to the USA?
That these people are then REQUIRED to spy upon Taiwanese
corporations, Taiwanese
spouses, Taiwanese business partners, and Taiwanese volunteer
organizations? That FATCA requires that US persons
(Taiwanese Citizens
living in Taiwan) spy upon Taiwan?
Does
this break any current laws in Taiwan? If so, which ones? Have
citizens agreed
to be spied on by their fellow cititzens?
http://www.irs.gov/file_source/pub/irs-pdf/f90221.pdf
http://www..irs.gov/pub/irs-pdf/f8938.pdf
http://www.irs.gov/pub/irs-pdf/f8621.pdf
http://apps.irs.gov/app/picklist/list/formsPublications.html?value=3520&criteria=formNumber
http://apps.irs.gov/app/picklist/list/formsPublications.html?value=8865&criteria=formNumber
19.
The
private financial
information of all family members (those who share joint
accounts with the US
person) will be reported to the IRS, even if they are fully
Taiwanese persons
and have no US personhood. See section 3 of the FBAR form
foreign “joint
accounts”.
Also,
trusts which are
set up by US persons for elderly Taiwanese in-laws or any
children must be
reported.
The
private financial
information of a Taiwanese volunteer organization must be
reported to the IRS
by any US person who may have volunteered to help pay the bills.
See sec 4 of
the FBAR form.
The
private financial
information of a Taiwanese corporation must be reported to the
IRS by any
officer or person signing corporate checks upon the FBAR form.
Form
5471 –A US person
shareholder must spy on the entire Taiwanese Corporation. http://www.irs.gov/pub/irs-pdf/i5471.pdf
A
US person living in Taiwan
is required to report the private financial information of the
Taiwanese Company
to the IRS, regardless that the company is majority owned by
full-Taiwanese
persons.
Form
926, A US person in
Taiwan must report loans made to a corporation in Taiwan to the
IRS, even if
fully owned by a Taiwanese.
Form
FBAR, A US person in
Taiwan must report all banking details if their aggregate
account balances are
over US$10,000.
20.
Are
you aware that
Taiwanese jurisdiction laws have no effect: The fact that a
Taiwanese
jurisdiction would impose a civil or criminal penalty on you if
you disclose
the required information is not reasonable cause (for not
reporting to USA).
21.
Are
you willing to have
Taiwanese banks absorb costs which are greater than the gains
which USA will
gain?
22.
Does
Taiwan have any
backbone? Does Taiwan negotiate to have an IGA
agreement which (it
mistakenly believes) is less bad than the FATCA applications
upon its banks?
23.
Is
Taiwan considering to
sue the US government in a WTO court over FATCA regulations and
the 30%
withholding required for not reporting American citizens to the
US government?
24.
Is
Taiwan ready to break
international concepts, in making an agreement which is not upon
equal terms
between nations?
25.
Do
you realize that
FATCA is simply a method of transferring money from a prosperous
Taiwanese to the
USA, via compliance agencies and expensive defense lawyers and
US banks?
26.
Has
your risk analysis
been comprehensive? Do you realize that your greatest risk
in FATCA
relations with USA is the risk that you haven’t discovered all
of the risks
that lie inside the insane US tax laws?
27.
Without
a full analysis
of the IGA agreement by US lawyers, how do you know what it is
that Taiwan is
committing to?
28.
Shouldn’t
Taiwan be
hiring a US lawyer to analyze what Taiwan is signing up
for? Someone who
fully understands US laws? There are many international
lawyers in
Washington DC and New York City—many of whom have lobbied for
FATCA and helped
to write the laws. Their fees are between $400 and $2000
per hour, they
could be immensely helpful for Taiwan to understand what it is
that they are
signing up for. Why not take some Taiwan money and get
some real advice
upon US law from a US lawyer?
29.
Are
you aware that
foreign nationals married to locals will be affected by the
proposed FATCA
legislation and that those local citizens will be caught in the
middle? And how do
you plan to address this issue?
30.
Are
you aware that
married couples in Taiwan are subject to US tax laws if both
names appear on
bank accounts and one is a US citizen? In this case the US
citizen might be
subject to double taxation? And how do you plan to address this
issue?
31.
How
does the proposed FATCA legislation circumvent Human Rights laws
in Taiwan?
32. Has
any research been conducted on the
possible circumvention of any privacy laws that passing FATCA
legislation might
have on Taiwanese citizens?
33. Has
any legal authority in Taiwan been
consulted on potential conflicts of the proposed IGA with
Taiwan’s Bill of
Rights and other provisions contained within the privacy act?
(i) If so, what
have their responses been? (ii) If such consultation has not
occurred, does
Taiwan plan to seek such advice prior to the signing of any IGA?
34.
Has Taiwan considered the
safety and security
aspects of such a database falling into the wrong hands, and the
possible
effects on those Taiwanese citizens identified as “American”?
35.
How can Taiwan guarantee
the protection of this
information once it has been transmitted outside of its control?
36.
Does Taiwan realize that
the data collected and
sent to the IRS may be shared with other US government agencies
for purposes
unrelated to taxation, with no further consultation or agreement?
37.
If so, is it considered
acceptable to expose the
personal and financial data of Taiwanese citizens in such an
unconstrained
manner?
38.
Does the Taiwan government
realize that many
banks will simple not separate American citizen data, other
countries’ citizen
data, and local Taiwanese data before it is sent to the American
government?
39.
Will the government
bring any IGA before the
legislature, if so, when and in what form?
40.
What studies have been
undertaken as to
whether an IGA can be implemented as an interpretation of the
existing double
tax treaty?
41.
In
what ways will the government involve the legislature in any
process to amend
interpretation of the double taxation treaty?
42. Who is
involved in the process indicated in by what criteria? Is the
government evaluating
any proposed IGA with the US; (i) who established the criteria,
(ii) on what date,
(iii) under what authority?
43. Is a
draft
IGA currently being negotiated, and if so, what is the status of
said
negotiations? When will the draft IGA be made public? Will the public be
consulted for input on any
agreement, and if so, by what means?
44. What
is the estimated cost of
implementing the FATCA legislation to the Taiwanese Taxpayers?
45. What
benefit will Taiwan receive in
return?
46. What
studies and analyses has the
Finance Ministry and Taiwan Financial Supervisory Commission
undertaken with
respect to FATCA?
47. What
analyses and studies have been
undertaken as to whether the proposed FATCA regime constitutes
an override of
the existing double tax convention? And what were the
conclusions of these
studies?
48. What
steps is the government taking to
ensure that, as a result of FATCA or an IGA, the US will not be
allowed to
impose higher taxes on Taiwan persons or Taiwan residents than
those agreed
under the current convention?
49. What
studies and analyses have been undertaken to determine whether
Taiwanese citizens
and residents are or will be denied financial services in Taiwan
owing to US
tax law in general and FATCA in particular?
50. What
are
the conclusions or recommendations of the studies?
51. What
mechanisms are in place to ensure that Taiwanese citizens and
residents are not
and will not be denied financial services in Taiwan owing to US
tax law in general
and FATCA in particular?
52. What
mechanisms are in place to ensure that American citizens and
citizens of other
countries who reside in Taiwan are not denied financial services
owing to US
tax law in general and to FATCA in particular?
53. Are
you
aware that US citizens are already barred from opening accounts at
some Taiwan
banks?
54. What
measures will be taken to remedy denial of services to Taiwanese
as a result of
FATCA?
55. What
measures will be taken to remedy denial of services to American
citizens as
well as other citizens of other countries?
56. What
analyses and studies have been undertaken regarding whether the US
definition
of “resident” for tax purposes, and its impact on Taiwanese with
dual status,
is compatible with Taiwan law?
57. What
analyses and studies have been undertaken regarding whether the US
definition
of “resident” for tax purposes, and its impact on Taiwanese with
dual status,
as will be enforced by FATCA or by an IGA, is compatible with
Taiwanese law?
58. What
analyses and studies have been conducted with respect to FATCA’s
consequences
upon Taiwanese who believed their US Citizenship had been
relinquished?
59. Is
Taiwan aware of the potential
taxes, fines and penalties that may be levied on Taiwanese
citizens (and
therefore the Taiwan Treasury) as a result of the US “diaspora
tax” which will
be enforced using FATCA? If so, have these costs and the effect
on the persons
involved been factored into the equation?
60. Will
Taiwan inform the US and the
Taiwan public that it will not enforce the collection of taxes
and FBAR
penalties on Taiwanese citizens, in the same manner that Canada
has done?
61. As
part of the negotiation, has Taiwan
considered requesting a streamlined renunciation process, free
of the fear of
penalties or exit taxes, for Taiwanese citizens who wish to
formally renounce
their unwanted US citizenship?
62. What
mechanisms are in place to ensure
that Taiwanese citizens and foreign residents are not and will
not be denied
financial services in Taiwan owing to US tax law in general and
FATCA in
particular?
63. What
measures will be taken to remedy
denial of services to Taiwanese and foreign residence as a
result of FATCA?
64. What
studies and analyses have been undertaken regarding the likely
cost of FATCA
implementation to (i) Taiwan private institutions, (ii) Taiwan
individuals,
(iii) the government?
65. How
were
the figures in the above arrived at, by whom, when, and in
consultation with
whom? What studies and analyses have been undertaken as to whether
the likely
cost of FATCA implementation to Taiwan private institutions,
Taiwan
individuals, and the government will be offset by the receipt of
reciprocal tax
information and Taiwan tax law enforcement by the US?
66. What
analyses
and studies have been undertaken as to whether the likely costs
and benefits
described above are likely to be greater, lesser, or the same as
under the
current tax-information-sharing relationship with the US?
67. What
agencies, boards, departments, ministries, committees or
commissions of the
government have studied, interpreted, analyzed, or commented upon
FATCA, (i) to
what extent, (ii) on what dates? (iii) with what conclusion(s)?
68. How
will
the government monitor and enforce compliance by Taiwanese
institutions with
FATCA requirements?
69. How
will
the government monitor and enforce regulatory oversight of the
bank
due-diligence efforts required by FATCA and its implementation,
including (i)
by whom (ii) how, (iii) using what standards such efforts will be
evaluated?
70. What
penalties exist and what penalties does the government intend to
establish for
failure to adhere to standards indicated in the above?
71. Has
the Ministry
of Justice or the Taxation Administration developed any
legislation or guidance
relative to the implementation of an IGA or FATCA and, if so (i)
how was it
developed, (ii) in consultation with whom, (iii) to whom was it
provided, (iv)
who requested it, (v) what were its findings, conclusions, and
recommendations?
72. Has
the
Ministry of Justice reviewed any proposed legislation relative to
the
implementation of an IGA?
73. With
what
individuals or groups has the Ministry of Justice consulted
relative to the
implementation of FATCA?
74. What
steps
have been undertaken to assess regulatory changes to federal
institutions at
the provincial and territorial level that would be required as a
result of
FATCA or any IGA?
75. What
tax
information does the Taiwan Taxation Administration currently
share with the
US, (i) when, (ii) under what circumstances, (iii) in what form?
76. Has
the
government assessed whether FATCA and its implementation would
require changes
to the ways in which tax information is currently shared with the
US?
77. What
has
the government sought, or does the government plan to seek from
the US, in
terms of reciprocal information sharing as a result of the FATCA
or IGA
negotiations, and what is the current status of negotiations on
this point?
78. What
measures are in place to ensure that no privacy laws or policies
are violated
in any transfer of information contemplated in the above?
79. When
was
the government first made aware of this FATCA legislation and how?
80. What
steps
has Taiwan taken since the legislation’s introduction in the U.S.,
broken down
by year?
81. During
the
consideration of this legislation in the U.S., did Taiwan make any
representations to the U.S. government and if so, (i) when, (ii)
by whom, (iii)
to whom, (iv) on what dates, (v) by what authority (vi) with what
desired effect
(vii) and with what outcome?
82. How
many
individuals in Taiwan will be affected? And how was this figure
determined?
83. How
many Taiwanese
citizens residing in Taiwan are U.S. persons under FATCA?
84. How
many Taiwanese
permanent residents are U.S. persons under FATCA?
85. How
many
applications for permanent residency is Taiwan currently
processing from
persons who are or will be treated as U.S. persons under FATCA?
86. How
many
Taiwanese financial institutions will be impacted by FATCA? And
how was this
calculated?
87. How
many non-financial
Taiwanese entities will be impacted by FATCA? And how was the
figure calculated?
88. What
consultations has the government undertaken with respect to
FATCA’s impact on
persons resident in Taiwan?
89. What
consultations has the government undertaken with respect to
FATCA’s impact on
financial institutions?
90. What
consultations has the government undertaken with respect to
FATCA’s impact on
non-financial entities?
91. What
estimates and studies have been undertaken with respect to the
consequences of
a 30% withholding of U.S. sourced income to financial
institutions?
92. When
did
the studies above occur and what were their conclusions?
93. How
much
has been spent evaluating FATCA’s impact on the Taiwanese? Please
break it down
by department and explain how was the figure was determined;
94. What
estimates have been undertaken with respect to FATCA’s cost to
implement for
Taiwan and with what conclusions? In addition, how many opinions
has the
government received, (i) on what dates, (ii) with what
conclusions, (iii) with
what impact on the Government’s actions?
95. For
the
five years starting 2014, how much is FATCA implementation
expected to cost the
(i) Ministry of Finance (ii) Taxation Administration (iii)
Financial
Supervisory Commission (iv) the Ministry of Justice (v) other
government
departments, agencies, boards, or tribunals; (v) and broken down
by year and
cost from 2010-2020, (vii) what is the total financial impact of
FATCA
implementation expected to be on Taiwan taxpayers? How were these
figures
obtained?
96. What
outside legal opinions has the government sought with respect to
FATCA’s
compatibility with Taiwan law?
97. When
were
the opinions in the above sought and at what expense?
98. Have
unsolicited legal opinions been sent to the government regarding
FATCA?
99. Has
the
government assessed the possibility of not acceding to FATCA in
any way and, if
so, with what conclusion and with what cost to Taiwan or to
Taiwanese when
compared to accession?
100. How
much
has been spent on negotiations surrounding FACTA, broken down by
year and
expense?
101. Which
individuals
from the government have negotiated on Taiwan’s behalf regarding
FATCA?
102. What
has
the Minister of Finance’s personal role been with respect to FATCA
negotiations?
103. What
has
the Minister of Foreign Affairs’ personal role been with respect
to FATCA
negotiations?
104. What
has
the Taiwan Supervisor Commission’s role been with respect to FATCA
negotiations?
105. What
plans
or strategies has Taiwan developed regarding enforcement of any
FACTA
related agreement with the United States?
106.
What penalties will there
be for U.S. failure to
meet any of its negotiated obligations?
107. Has
the
litigation risk regarding any FATCA implementation agreement been
evaluated
and, if so, (i) how, (ii), when, (iii), by what means?
108. Broken
down
by department and agency, and with specific record numbers and
titles,
what briefing materials and files have been developed regarding
FATCA;
109. What
measures
are in place to assess the lawfulness and legality of any
implementation
of FATCA in Taiwan?
110. Have
any
future public consultations with respect to FATCA implementation
been
planned and, if not, why not?
111. What
is
the projected impact of FATCA on the Bank of Taiwan?
112. What
efforts
has the government made with respect to informing financial
institutions of their obligations under FATCA?
113. What
efforts
has the government made with respect to informing non-financial
entities of their obligations under FATCA?
114. What
efforts
has the government made with respect to informing individuals
residing
in Taiwan of their obligations under FATCA?
115. Has
Taiwanese
non-compliance with FATCA been assessed as a possibility and, if
so,
to what extent?
116. Has
FATCA
been raised in discussions between Taiwan and countries other than
the
U.S. and, if so, (i) with which countries, (ii) at what level(s)
did the
discussion occur (iii) on what dates (iv) in what forum (v) and
with which
individuals from Taiwan participating?
117. Have
any
studies or analysis taken place with respect to FATCA’s impact on
immigration to Taiwan by persons subject to this legislation and,
if so, with
what conclusion?
118. Has
the
Taiwanese Ambassador to the U.S. raised the issue of FATCA in any
discussions and if so, (i) which discussions, (ii) on what dates,
(iii) with
what desired goal? And
if not, why not?
119. Has
the
American Ambassador to Taiwan raised the issue of FATCA in any
discussions
and if so, (i) which discussions, (ii) on what dates, (iii) with
what outcome?
120.
Has the government
considered the correspondence
of Peter Hogg regarding FATCA and if so, (i) with what impact on
policy development,
(ii) with what conclusion?
121.
Has Taiwan considered that
China is also
watching what Taiwan does in respect to FATCA, and that someday
China may implement
a similar policy requiring all people who have any Chinese
heritage to pay
taxes to Mainland China? How will the Taiwanese public respond to
this?
Any
proposed IGA with the US will
severely affect my family, our freedom of privacy and human
rights as well for millions
of other Taiwanese citizens and foreign nationals living in
Taiwan!
Knowing all
of the answers above, I
would appreciate a prompt reply and how you think FATCA could
benefit Taiwan?
CC:
Financial
Supervisory Commission
Ministry
of Finance
Ministry
of Interior
Ministry
of Foreign
Affairs
Ministry
of Justice
Bureau
of Foreign Trade
Business
Weekly
China
Post Newspaper
American
Chamber of
Commerce