Majority (78%) of Americans who live outside the country feel the Foreign Account Tax Compliance Act (FATCA) negatively impacts their professional pursuits and that compliance is over burdensome, a poll conducted by Americans Abroad Global Foundation (ACAGF) and the University of Nevada has found.
The poll, in which 684 expat Americans participated, revealed that majority respondents believe the US government is not concerned about the impact FATCA has on its citizens who live overseas.
Go deeper with GlobalData
Also, 86% of respondents said that FATCA needs to be reworked to allow Americans overseas access to banking services and include a "same country exemption" provision, which would exempt from reporting those accounts that are held in the country where the taxpayer lives.
FATCA requires US taxpayers to submit information about their foreign financial assets and bank accounts in addition to the already existing requirement to report foreign bank and financial accounts (FBAR).
Overseas Americans also felt the IRS was not keeping them informed about how to comply with evolving tax laws.
Sonja Pippin, associate professor in accounting at the University, said: "The consensus from this sample of Americans abroad feels that the U.S. government does not recognize how the FATCA legislation is negatively impacting them, limiting their ability to maintain legitimate banking and financial relationships and, that in many respects, simply does not care how the legislation is affecting a community of law-abiding citizens who have chosen to live overseas for work or personal reasons."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataACAGF chairman Charles Bruce said: "These survey results are important. They will be used as a baseline for informing the public, creating educational programs and advocating for legislative changes to address the issues of Americans abroad.
"Survey results indicate that Americans want to comply with tax laws but want sensible simplification of the rules, including a "Same Country" provision, outreach from the IRS on how to comply, and want to vote for representatives who understand their issues."
