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Perceived and Actual Consequences of the Foreign Account Tax Compliance Act: A Survey of Americans Living Abroad

Advances in Taxation

ISBN: 978-1-78756-416-9, eISBN: 978-1-78756-415-2

Publication date: 15 November 2018

Abstract

This study uses a survey instrument to ask Americans living abroad about the impact of tax rules explicitly designed for these individuals. We analyze how individuals are affected by foreign tax reporting laws and how they perceive and evaluate the rules’ consequences. A common belief is that many of the foreign reporting provisions were enacted in order to eliminate or reduce tax evasion. The current political climate has increased lawmakers’ focus on tax issues related to foreign income and accounts, which lead to several new rules and regulations, such as the provisions in the Foreign Account Tax Compliance Act (FATCA), as well as an increased emphasis on the enforcement of existing laws.

Our results indicate that Americans living abroad experience FATCA negatively impacting their lives. Additionally, the respondents’ perceptions are consistent with the sentiment that their government is not concerned about the impact of the FATCA on its citizens living abroad.

Keywords

Citation

Pippin, S.E., Wong, J.A. and Mason, R.M. (2018), "Perceived and Actual Consequences of the Foreign Account Tax Compliance Act: A Survey of Americans Living Abroad", Advances in Taxation (Advances in Taxation, Vol. 25), Emerald Publishing Limited, Leeds, pp. 91-117. https://doi.org/10.1108/S1058-749720180000025005

Publisher

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Emerald Publishing Limited

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