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Iraq officially looking to join Vta {}

yota691

By yota691,
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yota691 Grand Master

yota691

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  Iraq officially looking to join Vta {}

 

 

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2/24/2015 0:00 

 BAGHDAD - Mostafa Hashemi 
raised the issue of a study on Iraq's accession to Vta agreement "a sensation among specialists, warning of its potential privacy violation of the accounts of local banks, after discussing the Ministry of Finance this issue with the government banks and the taxes and insurance companies."  
known "Alvta" which is an acronym for Foreign Account Tax Compliance Act as measures limiting evade US citizens from paying taxes to the government, and entered several countries in this agreement recently. 
 In this context, the economic academic said Dr. Majid Baidhani: that this law or agreement came to the rescue of US Treasury debt-laden while the Iraqi constitution permits citizen to own more than one nationality. 
He said Baidhani told the "morning" that this system or agreement means that any umbrella of state underlined must be held accountable US person (natural and moral) on income achieved on its territory and prevent tax realized it to the United States any words more accurate to act states like collector of American taxes. 
He said that the possibility of banks that fear dealing Law "Vta" not open accounts or granting credits to citizens a naturalized US citizen. 
He noted that this system invented by American minds in order to save the budget crumbling of the Government and the heavily indebted, indicating that all American companies and individuals working abroad are subject to this procedure as that every country where American works (company or individual) must comply with the application of this system it or Ibt.uan challenges officially joining this law banking expert Essam Mohamed said: Is the US government will prosecute foreign companies operating on its territory and tax shift taxes to their original homelands to companies and individuals? The answer is of course not, and as confirmed by his personal representative of the US Treasury in one of the meetings, which included representatives from some Almassarv.utaba told the "morning": a country like Iraq permits dual nationality, how can the bank verifies that the customer does not hold US citizenship ? And if so, how the banks to make sure the amount of earned income? And Is it possible to become banks (eyes) US Treasury? Of course this is something unreasonable. 
He went to the importance of resolving this overlap in case it is decided to join the formal because it will cause the movement of investment in the country, adding that if he was an American individual to Iraq without capital and has only an investment idea and worked on his project with Iraqis inside the country and use the materials Iraqi and imported Iraqi funds and check his personal income .. on what basis are calculated by the tax and turned to the United States? 
and the importance of accountable before taxes Iraqi interest and determine the responsibility of duplication calculated by the tax in this case, considering that Iraq is a country free from double taxation. 
It is worth mentioning that Finance Minister Hoshyar Zebari said he had discussed with the bank managers and insurance companies and the Tax Authority in the Ministry of Finance and Commercial Director General of the Iraqi bank tax compliance with the United States of America Agreement (Vta). 
According to a ministry statement earlier this month that he has a discussion of tax compliance with the United States of America Agreement ( Vta) concluded between the United States and most countries and related tax compliance calculations foreign to provide tax information on people who hold US citizenship. 
and due to the central bank to submit draft legislation between Iraq and the United States on tax compliance with US law (Vta) to lift to the House of Representatives in the coming period to decide before the fifteenth of September 2015 according to the report by the statement. 
The economic American sources reported that law enforcement will not pose a threat to the Arab financial institutions, as the rejection of the financial institutions of the law will lead them to the local contraction, where you will lose the ability to deal with foreign counterparts, or even with local financial institutions that comply with the law. 
Some states have decided to make the deal banks with US IRS directly, what makes their financial institutions subject to "Alvta", or face sanctions by the United States will be taken against banks States that do not reveal private accounts Americans have deduct 30 percent of the accounts of US banks, and the last was prevented from dealing with it. 
It is noteworthy that the US Tax Compliance Act "Vta" passed by the US Congress in March 2010, as part of the recruitment incentives law to restore the run rates employment. And be under this law to taxpayers who own financial assets outside the United States, to submit a report statements of those assets for the benefit of US domestic revenue.
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Carrello Rising Star

Carrello

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FACTA is to prevent American taxpayers from leaving or depositing their funds overseas and not paying taxes on profits, while every other American pays on profit and income.  This is a world wide request of international financial institutions by the United States to report funds deposited by Americans.  This has nothing to do specifically with Iraq or an RV, and is being complied with by countries all over the world, and was enacted last year.

 

FACTA has everything to do with every American paying their taxes, just like you and I do.  If you are for tax evasion, I can see why this law would upset you.  

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Rome M Newbie

Rome M

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Well I'm hoping that 'part' of my plans, the little details of how my dinar were never purchased in the US orby USD and not from taxable income from within the US also that my dinar are not within the US and they will be deposited and managed by someone not a US citizen in the confines of a bank not connected to a US citizen, may just help some of this BS

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Carrello Rising Star

Carrello

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WRONG!  THEY ALSO GO AFTER ANYONE WHO IS AN AMERICAN CITIZEN WHO HAPPENS TO LIVE IN ANOTHER COUNTRY.  ALL OF MY MONEY THAT I MAKE IS ALREADY TAXED BY THE COUNTRY I LIVE IN....THIS FATCA CRAP IS ATTEMPTING TO TAX ME TWICE ALL BECAUSE I AM STILL AN AMEWRICAN CITIZEN.   I AM GOING TO HAVE TO GIVE UP MY PASSPORT IN VIEW OF THIS NAZISM!

 

FATCA is a reporting system and not a taxing system.  As I said, if you are a proponent of tax evasion, while the rest of us pay, then by all means, be against FATCA.

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yota691 Grand Master

yota691

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Foreign Account Tax Compliance Act The provisions commonly known as the Foreign Account Tax Compliance Act (FATCA) became law in March 2010.

  • FATCA targets tax non-compliance by U.S. taxpayers with foreign accounts
  • FATCA focuses on reporting:
 
  • By U.S. taxpayers about certain foreign financial accounts and offshore assets
 
  • By foreign financial institutions about financial accounts held by U.S. taxpayers or foreign entities in which U.S. taxpayers hold a substantial ownership interest
  • The objective of FATCA is the reporting of foreign financial assets; withholding is the cost of not reporting.

Individuals
 
icon_financial_institutions.pngFinancial Institutions
 
icon_governments.pngGovernments

 

U.S. individual taxpayers must report information about certain foreign financial accounts and offshore assets on Form 8938 and attach it to their income tax return, if the total asset value exceeds the appropriate reporting threshold.

Form 8938 reporting is in addition to FBAR reporting.

 

   

Foreign

To avoid being withheld upon, a foreign financial institution may register with the IRS, obtain a Global Intermediary Identification Number (GIIN) and report certain information on U.S. accounts to the IRS.

U.S.

U.S. financial institutions and other U.S withholding agents must both withhold 30% on certain payments to foreign entities that do not document their FATCA status and report information about certain non-financial foreign entities.

   

If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified. Such financial institutions will not be subject to withholding under FATCA.

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