European Union letter to U.S. Secretary of the Treasury

On 3 December 2019, the Presidency of the Council of the European Union sent a letter to the U.S. Treasury Secretary, Steven Mnuchin, highlighting the risk that European banks might close the accounts of Accidental Americans, who are also EU citizens, on 1 January 2020 (Link).

With regard to the issue of a missing U.S. tax identification number (“TIN”) for those Accidental Americans, the European Union is pleased to see the recent changes on Question 3 in the Frequently Asked Questions (“FAQs”) – General on the Foreign Account Tax Compliance Act (“FATCA”) (Link-Blog).

Further, the European Union urges to expand the FATCA FAQs by adding technical exchanges between the U.S. Internal Revenue Service (“IRS”) and the European Union.

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