A study commissioned by the European Parliament’s Policy Department for Citizens’ Rights and Constitutional Affairs examines the U.S. Foreign Account Tax Compliance Act and the ways it is implemented both in the EU and around the world. The study looks at FATCA through the lens of the EU General Data Protection Regulation, stating data transfers under FATCA to the United States need to have the proper level of protection through provisions found within intergovernmental agreements. “In conclusion, data protection rules should play a significant role in taxpayer protection in [Automatic Exchange of Information] and FATCA. Thanks to the improvements that the GDPR has made in comparison to the Data Protection Directive, the protection that the EU provides for taxpayers via the principle of proportionality should be complied (sic) with the FATCA procedures,” the study states.
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