The so-called “Accidental Americans” are U.S. citizens who have been granted automatic citizenship under U.S. civil law because they were born in the U.S. but now live outside the U.S. and are facing burdensome administrative requirements resulting from the fact that the U.S. tax duties and obligations on worldwide income are imposed on all U.S. Persons i.e. all U.S. resident individuals and all U.S. citizens. With the aim to fight against tax evasion, FATCA and its subsequent Inter-Governmental Agreements require Foreign Financial Institutions to trace U.S. reportable accountholders and to collect their U.S. Tax Identification Numbers (TIN). Because Accidental Americans may have difficulties to provide such data, the US Treasury has relaxed this requirement for a grace period which will terminate on 31 December 2019. The EBF has again called the US Treasury to extend this relief beyond 2019 and ideally to adopt a permanent one.
🇱🇺 In Luxembourg, the banking sector is the main economic engine. ⚙️ In 2018, it has one third of the Gross Domestic Product (GDP), 11% of employment 👨💼 and 21% of fiscal revenues. 📊 #FactsFigures2019
You can find more information here 👉https://t.co/YjBKxm20gO
🇱🇹 In Lithuania, new digital banking 🌐 🏦 services were introduced for consumers in 2018 to make it easier to manage their finances.
Instant payments became available for the majority of bank customers in 2018. #EuropeanBanks
Click here for more info 👉 https://t.co/YjBKxm20gO
The EBF is the voice of the European banking sector, bringing together national banking associations from 45 countries. The EBF is committed to a thriving European economy that is underpinned by a stable, secure and inclusive financial ecosystem, and to a flourishing society where financing is available to fund the dreams of citizens, businesses and innovators everywhere.
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