tax authority should be provided with full information about client accounts in private banks to reduce financial corruption
Deputy: the tax authority should be provided with full information about client accounts in private banks to reduce financial corruption
Date: 2012-08-09 06: 35: 21 Thursday
Baghdad (News) ... The Vice-Chairman of the Committee, stressed the Deputy financial/Kurdish blocs Coalition/Ahmed Hassan Faizullah, the need for private banks to provide general information to the tax authority for private financial accounts full of merchants and businessmen to reduce widespread financial corruption in banks and prevent smuggling hard currency abroad.
He said Faizullah (News Agency news): the proposal to provide information on the general taxation of private financial accounts to the public in private banks, particularly merchants and businessmen and with high good headers funds will help stakeholders to auditing and how it is converted and cashed abroad, what will reduce the financial corruption by some banks eligibility as illegal operations.
He: well it will provide an opportunity for the public to know the size of the tax authority estimates tax fees on funds as well as it will monitor the disbursement of funds abroad and thus prevent smuggling currency abroad.
He added: this process will not help to detect the public accounts, which lose their confidence in private banks as perceived by some, but would it work and careful coordination between private banks and the tax authority.
The Association of private banks had earlier refused to provide information to the general tax authority for financial accounts of private banks, warning audience revealed their accounts to Mullah which lead to loss of public confidence in private banks. /finished/8. LM
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