The following comment appeared at the Isaac Brock Society from todundsteuer:
On Friday, 29 November the German parliament passed a bundle of legislative corrective measures – mostly unrelated to each other – that included enabling legislation to allow implementation of Germany’s FATCA IGA with the USA effective 1 January 2014.
The title of the legislation is:
Gesetz zur Anpassung des Investmentsteuergesetzes und anderer Gesetze an das AIFM-Umsetzungsgesetz (AIFM-Steuer-Anpassungsgesetz – AIFM-StAnpG
The full text of the legislation as passsed (Art. 13 deals with FATCA) and the official commentary/rationale (p. 77-78) may be found here:
According to a brief mention of the action in the Saturday edition of the Frankfurter Allgemeine Zeitung, the legislation passed both houses of the legislature without debate or deliberation. The opposition B90/Green Party had called for a debate on the measure (although it is not clear what elements it was concerned about) but a few members of the far-left “Linke” party joined with the newly-formed coalition government in obtaining the procedural supermajority needed to bypass such debate.
By way of an interesting footnote: in June of this year the same B90/Green party proposed legislation that would have Germany follow the example of the USA and impose worldwide taxation on the basis of German citizenship.
For the text of that legislation and the rationale for its proposal:
That legislative initiative went nowhere. But I suspect that this will not be the last of such proposals in Germany or elsewhere as FATCA implementation spreads.
Fascinating – especially the suggestion that FATCA will encourage citizenship-based taxation.
- #FATCA – Because the world should support Homelanders (renounceuscitizenship.wordpress.com)
- Is U.S. Canada merger suggested by @DianeFrancis1 better than hostile #FATCA takeover of Canada? (renounceuscitizenship.wordpress.com)
- How #FATCA will enslave the world in 2 easy steps (renounceuscitizenship.wordpress.com)
- The #FATCA IGA aka #OVDP for countries (renounceuscitizenship.wordpress.com)
- New U.S. foreign account crackdown could hit unsuspecting Canadians: Alini (canadianbusiness.com)