Middle East: Review of Foreign Account Tax Compliance Act's Regional Impact Urged
Type
E-journal
Date
25 Apr 2013
Jurisdiction
Bahrain, Egypt, Iran, Iraq, Jordan, Kuwait, Lebanon, Libya, Oman, Saudi Arabia, United Arab Emirates, Qatar
Taxonomy
Financial Institutions, Relationship Between Banker & Customer, International Tax
Copyright
LexisNexis
Associated digest links
Bahrain: Central Bank Issues Foreign Account Tax Compliance Act Instructions, LNB News 22/02/2013 19, Foreign Account Tax Compliance Act Update: Implementation Concerns in the Gulf Cooperation Council, LNB News 23/01/2013 45, KPMG: US Treasury and IRS issue final FATCA regulations, LNB News 18/01/2013 89, Qatar: Central Bank Calls for Foreign Account Tax Compliance Act Review, LNB News 15/01/2013 26, Analysis-FATCA IGAs Alter the Compliance Landscape, LNB News 04/10/2012 13, USA: Treasury Releases Model Intergovernmental Agreement for Implementing the Foreign Account Tax Compliance Act to Improve Offshore Tax Compliance and Reduce Burden, LNB News 14/08/2012 63, Arabic Banks Union Calls Recommends Adopting European Option in Implementing FATCA, LNB News 10/07/2012 37, Egyptian Banks Union Refuses Implementing FATCA, LNB News 09/07/2012 80, Arabic Banks Union Examines FATCA Implementation and Impact, LNB News 22/05/2012 55, UK sets out approach to US anti tax evasion legislation, FATCA, LNB News 08/02/2012 99, US Tax Act to Impact Banks in UAE, LNB News 11/05/2011 50
Analysis
Al Baraka's Chief Executive has called for a review of the Foreign Account Tax Compliance Act's impact on regional financial institutions over concerns about the risks to the finances and reputations of Middle Eastern banks who don't comply with FATCA's requirements
Since January 2013, US and foreign financial institutions have been required to identify and report their US citizen account holders annually. Any large deposits must be reported to the US Internal Revenue Service.
The reporting can be done through direct agreement between the IRS and a financial institution, or through an international agreement with the US and the financial institution's host country.
For full story see: http://alhayat.com/Details/505936