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Hue Mi
08-05-2014, 08:31 AM
Iraq seeks to deal likewise with law {deadly} (http://www.alsabaah.iq/ArticleShow.aspx?ID=75297)

05/08/2014 12: 00 am

After its entry into force early last month

Baghdad-Mostafa Hashemi

After the law of tax compliance for foreign accounts (deadly) force early last month in more than 50 countries in the world proves the importance that Iraq with reciprocity to principles of fiscal transparency and banking between the two countries.

In this regard, Dr. Issam almhaoili that Iraq seeks to deal with the new US tax compliance Act, which is known as "deadly" Likewise for transparency on taxes after the development experiences of staffs working in the tax sector.

Known as "alvatka", short for Foreign Account Tax Compliance Act as measures limiting the escape of American citizens to pay taxes to the Government, and worked in more than 50 countries in the world.

Almhaoili said in a statement to (morning) to taxation in the United States are very high, along with higher wages for workers there, making some investors and business stakeholders are looking for projects to check them in States that the proportion of taxes from United States tax and where the cost of labour is lower.

He noted that the law serves primarily the American side where it probably came as a natural result of the balance of payments deficit prompted us to take this step to mitigate the effects of the global financial crisis.

The Iraqi Central Bank in banks with this law as it brings transparency and reciprocity so Iraq can prosecute tax evaders who have projects or financial interests to learn the State comes to the phenomenon of money laundering, the directive ensures that approval to open bank accounts of us citizens to the private banks.

The Convention serve us much for some banking facilities offered by the United States for the Member States to this Convention including Iraq. Noting that implemented correctly requires recent banking system coupled with a successful tax sector and modern mechanisms to facilitate tax collection of covered, requires strengthening the bonds of cooperation to help the country to keep up with modern technology in both the banking and taxation.

Analysts say that the application of this law, the Convention would be an admission that banks in those States as a tax agent in the prosecution of a US Bank to disclose financial interests, as well as it is a violation of Bank privacy policy for banks worldwide.

In contrast, US economic sources said that law enforcement would not pose a threat to financial institutions in Arabic, so that these financial institutions rejected the law will lead to the local recession, where you lose the ability to deal with foreign counterparts, or even with the domestic financial institutions that comply with the law.

Some States have decided to make a deal with the IRS, US banks directly, making financial institutions are subject to "alvatka", on pain of penalties will be taken by the United States against States that banks do not disclose accounts for Americans to deduct 30 percent of their accounts in u.s. banks, preventing the latter from dealing with them.

The US tax compliance Act "deadly" was passed by the u.s. Congress in March 2010, as part of the employment promotion law to restore rates of employment. Under this law, taxpayers who own financial assets outside the United States, to report the data of those assets for the benefit of the local revenue in Washington.

Hue Mi
08-09-2014, 12:28 AM
2014/08/09 (00: 01 pm) - hits: 41 - number (3141)

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Economists: "deadly" absolutely useless Convention (http://almadapaper.net/ar/news/469316/%D8%AE%D8%A8%D8%B1%D8%A7%D8%A1-%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF--%D9%81%D8%A7%D8%AA%D9%83%D8%A7-%D8%A7%D8%AA%D9%81%D8%A7%D9%82%D9%8A%D8%A9-%D8%BA%D9%8A%D8%B1-%D9%85%D8%AC%D8%AF%D9%8A%D8%A9-%D8%A8%D8%A7)

Baghdad/Ibrahim Ibrahim

Views diverged economists about us tax compliance agreement "deadly" for short because of lack of harmony with fiscal and monetary laws of the country, while they do not benefit the local economy and banking from the terms of the agreement, that is one-sided.

The financial expert said Bassem Jamil Anton, in an interview for "the range", that "the u.s. financial system of the Convention to protect its economy from entering any irregular payments by smuggling or money laundering, so every American citizen in various countries of the world especially the tax evader".

He said that "there are more than 50 Nations have signed the Convention, including Iraq, so are banks and banks are obliged to provide account statements to customers of American citizens as a result of the financial and monetary dealings both inside and outside the States."

Anton said that "any other activities performed by an individual and using large sums as investments or enter into business partnerships establish financial regulations that State signatory to the Convention under the conditions made it".

And between the financial institution and the Iraqi bank does not give accurate mathematical statements are valid for citizens of the United States the legal and criminal accountability within the Convention."

"The capitalist world order is through global organizations like the International Monetary Fund and the World Bank World Trade Organization under US domination of the world economy is in the grip of financial tax evasion of its citizens."

He noted that "there are a lot of banks to money laundering and illegal money trade while discreet banks provide accurate form filled out by customers to know the source of the money, compared to what they get a simple mathematical equation".

He pointed out that "the failure of the laws of the Iraqi economy and poor financial and currency system for many years prevented him from keeping pace with evolving global economies, including responding to this Convention, so find traded cash and paper and continued smuggling across the border".

Analysts say that the application of this law, the Convention would be an admission that banks in those countries as an agent for the u.s. tax on Transportion from a US Bank to disclose financial interests, as well as violation of Bank privacy policy for banks worldwide.

The Economist said Ghazi al-kinani of "range", to "enter into the u.s. Tax Convention" deadly "step economically feasible for Iraq as it protects the u.s. economy without a little of the Iraqi economy."

He said Iraq had entered to the Convention obliged and with many countries of the world and to control transfers of funds within and outside the country under the pretext of preventing tax evasion by citizens of the United States."

"The economy and Iraqi law is not liable for tax evasion, which complains it's so arbitrary Convention is unrelated to Iraq and not necessary to apply to local banks."

The "banks and Iraqi banks must provide statements of account for the bulk of transactions conducted by any US citizen in Iraq and if would be strict and harsh punitive measures up to closure."

The "Convention" deadly "to convey to the Iraqi economy a little but it is just a routine matter of specific State law requires commercial and economic information on their nationals abroad".

He noted that "business investment in America evaded in recent years to work in their own country because of the significant financial tax imposed on them so they convert their investments to other countries, including Iraq."

US economic sources said that law enforcement would not pose a threat to financial institutions in Arabic, so that these financial institutions rejected the law will lead to the local recession, where you lose the ability to deal with foreign counterparts, or even with the domestic financial institutions that comply with the law.

Some States have decided to make a deal with the IRS, US banks directly, making financial institutions are subject to a "deadly", on pain of penalties will be taken by the United States against States that banks do not disclose accounts for Americans to deduct 30 percent of their accounts in u.s. banks, preventing the latter from dealing with them.

The US tax compliance Act "deadly" was passed by the u.s. Congress in March 2010, as part of the employment promotion law to restore rates of employment. Under this law, taxpayers who own financial assets outside the United States, to report the data of those assets for the benefit of the local revenue in Washington.