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4/22/2020 11:49:41 AM

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04/25/2020 23:59



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1     Double-spaced (300 words)

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Tension exists between a taxpayer’s right to privacy and the government’s desire to have transparency to ensure taxpayers are not underreporting income. The U.S. and the majority of foreign governments rely on self-reporting by their taxpayers to comply with tax laws. The majority of individuals are compliant in reporting their income. However, prior to 2010, many wealthy individuals did not report their foreign income. FATCA The Foreign Account Tax Compliance Act (“FATCA”) was signed into law by Obama on 18 March 2010, with the aim of helping the Justice Department and the IRS collect tax revenue more effectively and efficiently. The US treasury was losing more than $100 billion annually as a result of offshore tax non-compliance. FATCA has been highly successful in assisting taxpayers to come into compliance with their foreign tax obligations as well as exposing money laundering. Some argue that financial institutions over report because there is no way for them to determine if a crime has been committed. The Global Marketplace: What’s the impact on Taxpayer’s Rights in Foreign Countries? Furthermore, the data subject (the person that data is collected on) has the following rights: Right to know of collection of data from a third party Right of access to their data and the right to rectify it. These rights may be modified for important economic and taxation reasons, when it is a necessary measure Right to compensation for unlawful processing of data Should the U.S. adopt similar protections including the right to be forgotten (Meaning Google cannot provide data on you without your permission)? Transfers of data to third countries (i.e. European Union to US) may only take place if the third country (i.e. the U.S.) ensures an adequate level of protection. Data Protection The devil is in the details – how will it work practically? What are the purposes for the information exchanged? Can information be used for taxpayer profiling? How long can data be retained before it must be destroyed? What about transmission of data to third countries with inadequate protection? What would happen if a country was denied data because of data protection legislation? Country by Country Reporting Many companies are concerned that Country by Country reporting, if made public, would provide too much information to their competitors. Others want to know if some of the largest corporations are minimizing their income taxes. Several newspapers like the WSJ have so called “named and shamed” corporations that pay little to no tax through “legal tax avoidance.” Or, is the detailed exchange of information necessary to expose tax cheats and allow governments the transparency needed to collect taxes due? Most taxpayers pay their fair share of taxes and may not be wealthy enough to hire the best tax lawyers to achieve “legal tax avoidance.” People are more likely to comply with tax laws when they think it’s fair. Is it appropriate to disclose tax information on politicians who hold public office? Do we, as voters, have a right to know if politicians who write tax laws will pay less taxes with the passage of favorable tax legislation they write? Should revenue authorities around the world have a minimum set of standards and best practices that they must adhere to? The Assignment: (Worth 15 points) is due Tuesday, April 28, 2020 11:59pm Given the points outlined above, write a thread on Taxpayer Rights to Privacy & Confidentiality. I encourage you to watch the Video in your Chapter 18 Folder from the 2018 International Taxpayer Rights Conference on Taxpayer Protections in Cross-Border Taxation. You must post your thoughts on the subject matter. You must respond to two of your classmate’s posts. When you respond, please respond in a way the person can hear your opinion. Some thoughts to get you started What are the implications of increased transparency? How can legitimate privacy and confidentiality interests be protected in an age of heightened disclosure and scrutiny, information sharing between government agencies and countries, and “naming and shaming?”

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