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Sweden and the USA to exchange bank account information
Monday, 28 January 2013
Sweden wants to get information about its subjects living in the USA with green card in a deal to be signed with the USA following a US approach to target its citizens ferrying their untaxed earnings abroad.
The aim is to exchange financial information about accounts held by Americans in Sweden and Swedes with green cards or citizenship in the USA according to media reports in Sweden.
This would pave the way for banks and mutual funds to give information to the American tax authority, the IRS, through the Swedish Tax Agency (Skatteverket).
In return, Skatterverket will get more information about accounts involving Swedish capital income in the USA, reports radio Sweden, citing new agency TT as source.
According to reports, Sweden is trying to draft its bargain of the agreement, designed as a work-around to what is being described as a controversial American Foreign Accounts Tax Compliance Act, which goes into effect in January 2014. That Act is seen, according to Swedish authorities, as violating Swedish banking and personal privacy laws, reports news agency TT, but these Swedish laws appear to have no teeth in the new agreement.
The aim is to use the new agreement as a starting point to create Swedish legislation that would make banks, asset managers and insurance companies in Sweden responsible for giving basic data to the Swedish Tax Agency, which in its turn, would send the relevant information over to the USA.
Accounts in Sweden with less than Skr 325,000 (about US $50,000) would not be included, which means that in practice, only a small portion of the nearly 10,000 Americans living in Sweden would be affected, according to radio Sweden.
Denmark, Mexico and Great Britain have already signed similar agreements, and Norway is expected to do so in the coming days.
By Scancomark.com Team
Advertisement
Sweden and the USA to exchange bank account information
Monday, 28 January 2013Sweden wants to get information about its subjects living in the USA with green card in a deal to be signed with the USA following a US approach to target its citizens ferrying their untaxed earnings abroad.
The aim is to exchange financial information about accounts held by Americans in Sweden and Swedes with green cards or citizenship in the USA according to media reports in Sweden.
This would pave the way for banks and mutual funds to give information to the American tax authority, the IRS, through the Swedish Tax Agency (Skatteverket).
In return, Skatterverket will get more information about accounts involving Swedish capital income in the USA, reports radio Sweden, citing new agency TT as source.
According to reports, Sweden is trying to draft its bargain of the agreement, designed as a work-around to what is being described as a controversial American Foreign Accounts Tax Compliance Act, which goes into effect in January 2014. That Act is seen, according to Swedish authorities, as violating Swedish banking and personal privacy laws, reports news agency TT, but these Swedish laws appear to have no teeth in the new agreement.
The aim is to use the new agreement as a starting point to create Swedish legislation that would make banks, asset managers and insurance companies in Sweden responsible for giving basic data to the Swedish Tax Agency, which in its turn, would send the relevant information over to the USA.
Accounts in Sweden with less than Skr 325,000 (about US $50,000) would not be included, which means that in practice, only a small portion of the nearly 10,000 Americans living in Sweden would be affected, according to radio Sweden.
Denmark, Mexico and Great Britain have already signed similar agreements, and Norway is expected to do so in the coming days.
By Scancomark.com Team
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