Xtra Taxes On Warka RV accounts?

[hrealq]

I have been hearing lately that those with Warka accounts will be taxed and additional tax because it's a foreign investment after RV. Is this true for 2010 tax laws or will this be new for 2011? Wondering if I should withdraw the money and purchase cash with it. Any help is appreciated.

Thank you

[terrigray]

I dont think it counts as a foreign investment. The Iraq,china,kuwait stock exchanges do though. Youre just holding currency in a bank, same as if you had it in the states. It will just increase and you will have to pay taxes on it.

The only additional fee I see, is for the wire transfer(s).

JMO

Would you only pay taxes on the amount you withdraw? Also, someone said they pay taxes on the interest the received. I guess on your tax returns it asks if you have a foriegn account.

[oildriven]

NO EXTRA TAXES FOR A WARKA ACCOUNT...................

[mi17mech]

Well you all might want to look into some of the new laws that "O" is making. In the start of summer late spring time frame. He was trying to put some new laws on overseas banking. It will be very high intrest and taxes on that money. I'm not sure if it went through yet or not. but if it did you might get your feeling hurt real bad. Just sayin. IMO from liveing over here for 4 yrs and dealing and working with the Iraqis you will be lucky to get your money back out. The Iraqis that I work that us banking do not like Warka. They are in there word Ali Bah ba. THIEVES. So good luck but don't get your hope up.

GO RV