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Finance Minister Looking tax compliance with America


yota691
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Finance Minister Looking tax compliance with America

 

05/02/2015 18:46:00

 
 

 

 
       Finance Minister Looking tax compliance with America

 

Chaired by Finance Minister Hoshyar Zebari on 05.02.2015, in the office of the ministry held a meeting with bank managers and insurance companies and general manager of the Tax Authority in the Ministry of Finance and the Director General of the Iraqi Commercial Bank. 
During the meeting, discussion of tax compliance with the United States of America Agreement (Vta), which concluded between the United States and most countries and related tax compliance calculations foreign to provide tax information on people who hold US citizenship. 
It is due to the central bank to submit draft legislation between Iraq and the United States about the law for submission to Parliament in the coming period to decide before the fifteenth September 2015.PUKmedia

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Banks worldwide are refusing to be IRS tax compliant. They are finding it too expensive to foot the bill in providing information to the IRS. So they are refusing USA citizens as depositors. You can bet the CBI is looking at the economic pros and cons to being a tax collector for the IRS.....IMO

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related tax compliance calculations foreign to provide tax information on people who hold US citizenship.

 

I read this as it talking about U.S. Citizens that are living abroad (Iraq).

 

 

They are not asking for tax compliance for every U.S. citizen living in the U.S.    

Why would they do that?   Makes no sense.

 

I don't think this pertains to anyone living outside of Iraq.   ( JMO)

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Banks worldwide are refusing to be IRS tax compliant. They are finding it too expensive to foot the bill in providing information to the IRS. So they are refusing USA citizens as depositors. You can bet the CBI is looking at the economic pros and cons to being a tax collector for the IRS.....IMO

Just make sure you have enough dinar to compensate for the  loss to uncle Sam just in case there is one. if the IRS is looking for me i'll be on a tropical island south of here,in Adam we trust. thank you sir

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Smells like FATCA.

The *Foreign Account Tax Compliance Act* (*FATCA*) is a United States federal law

 that requires United States persons

, including individuals who live outside the United States

, to report their financial accounts

 held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service

(IRS) about their U.S. clients. Congress enacted FATCA to make it more difficult for U.S. taxpayers to conceal assets held in offshore accounts and shell corporations, and thus to recoup federal tax revenues

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Ministry of Finance to discuss the tax compliance with the United States, and the draft law have agreement
Thursday February 5, 2015 22:27

 

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[baghdad-where]

Examined the Ministry of Finance, the tax compliance with the United States and the draft legislation and its legal submission next month before the September agreement.

According to a ministry statement received by all of Iraq [where] Tschh him to "Finance Minister Hoshyar Zebari, presided over today, in the office of the ministry held a meeting with bank managers and insurance companies and general manager of the Tax Authority in the Ministry of Finance and the Director General of the Iraqi Commercial Bank."

The statement added that "During the meeting, discussion of tax compliance with US agreement [Vta] and concluded between the United States and most countries and related tax compliance for foreign accounts to provide tax information on people who hold US citizenship."

The statement pointed out that "It is due to the central bank to submit draft legislation between Iraq and the United States about the law for submission to Parliament in the coming period for a decision before September 15 of the next" .anthy

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Banks worldwide are refusing to be IRS tax compliant. They are finding it too expensive to foot the bill in providing information to the IRS. So they are refusing USA citizens as depositors. You can bet the CBI is looking at the economic pros and cons to being a tax collector for the IRS.....IMO

 

Believe that IF you want too!

America is tired of the rich hiding their assets overseas! Not paying their fair share of the taxes! My opinion - low lifes!

Iraq will comply! As do 99% of the countries worldwide! Why? Because the US sends aid to almost every nation!

That is why so many rich folks are giving up their US citizenship in record number! :(

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this is exactly why Adam has researched the best country to register dual citizenship with and Iraq was not one.  people like me who are invested in the isx AND a citizen will have our accounts reported to the great uncle.  it is unfortunate that some countries will roll over and deliver up such account information while other countries don't bat an eye.  i only wish i had the kind of money to purchase dual citizenship and protects my assets from the far reaching arm of the irs.

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Believe that IF you want too!

America is tired of the rich hiding their assets overseas! Not paying their fair share of the taxes! My opinion - low lifes!

Iraq will comply! As do 99% of the countries worldwide! Why? Because the US sends aid to almost every nation!

That is why so many rich folks are giving up their US citizenship in record number! :(

Hog Wash!

If America is sick of anything IMO its being taxed at one of, if not the highest corp.tax rates in the world!

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this is exactly why Adam has researched the best country to register dual citizenship with and Iraq was not one.  people like me who are invested in the isx AND a citizen will have our accounts reported to the great uncle.  it is unfortunate that some countries will roll over and deliver up such account information while other countries don't bat an eye.  i only wish i had the kind of money to purchase dual citizenship and protects my assets from the far reaching arm of the irs.

 

Adam is smart. He is providing legal ways of paying the lowest rate on taxes by sheltering your assets!

There is nothing wrong with that! It's actually wise to do so.

There is big difference between paying your fair share at the lowest rate & attempting a avoid paying taxes by hiding your wealth.

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We are looking at this from two different view points:

1. FACTA is for individuals. It is hurting Americans living overseas. This group, American Citizen Abroad - https://americansabroad.org

Is trying to change the tax code from citizen based to residence based.

2. Compnay - IBC: If you have not looked into this you need to, see Adam post. A company can send funds back to a U.S. company.

It is then taxed based on your corperate structure.

If you are a IBC, FACTA is not a concern. The best thing to do is read Adam's post. He is way ahead of the game here.

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This will have not bearing on RV of the currency (i.e. 2015 date)...I do not think the USA can say something like "wait to RV there CBI until we can screw our citizens" :nooo:...besides, the Government can screw us anyways  :confused2: ...think I need to join OSI now...

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If all the eligible tax payors in this country were taxed at 150% of their income, it still would not be enough money to even pay the interest on the national debt. So it's B/S propaganda to believe that we need to pay our fair share of taxes! what is fair share? our government is sending our money down the crapper every minute of every day!

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