On 2 August the European Commission announced a consultation regarding amendment of the Blocking Statute [*], that is supposed to provide protection against unlawful extra-territorial sanctions. When the U.S. adopts extraterritorial working legislation that is harmful for European companies, the Commission proposes legislation.
The European Commission is doing nothing about the extraterritorial U.S. legislation that harms European residents (read the introduction in Dutch on Citizenship Based Taxation and FATCA). Amazing.
Hey @EU_Commission when will you create a blocking statute against unlawful U.S. tax law #CitizenshipBasedTaxation and protect the victims of #FATCA ? When are you going to take #HumanRights of EU-residents seriously?
— Ellen Timmer (@Ellen_Timmer) August 11, 2021
[*] Unlawful extra-territorial sanctions – a stronger EU response (amendment of the Blocking Statute)
Amendment 16 December 2021
In the title ‘blocking statute’ was replaced by ‘Anti-Coercion Instrument’