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Tax compliance and sinks

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1 Tax compliance and sinks on Thu Aug 17, 2017 2:12 pm

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Tax compliance and sinks

17/8/2017 1:24 am
Mustafa Mohamed Ibrahim


Us tax compliance Act began in March of 2010 and the goal of this Act is to combat tax evasion by us personnel who possess financial assets in financial institutions and investment means not us know (FATCA) (Foreign Account Tax Compliance Act) that a law issued by the competent authorities in the United States with a detailed disclosure about incomes and their money and their accounts to the IRS.

In the same vein became universal banking system works within a single integrated system, financial institution cannot work in isolation from it because of the great development in the business environment as well as the dominance of certain States to the largest banks in the world as well as technological developments in the media and the Internet, which made the world a small village.

These banks operate under the laws and norms and decisions and instructions and conditions are almost uniform, the Iraqi banking system of banking pyramid head is the Central Bank of Iraq is one of the parties to this global system cannot do without them, as all funds transferred from Iraq to recipients abroad through international banks and the Central Bank of Iraq and Iraqi banks have offshore accounts in different currencies.

There is a real need to work within the global banking system by either an Iraqi bank, which requires adapting laws and regulations imposed by global banking environment

Through the signing of an agreement between the Bank and the US tax authority the Treasury's Bank is authorized under its clients us nationality and their accounts of the Office of tax policy by deducting the amount of these in accordance with the law and at the lack of cooperation of the Governments of States or their banks with the new law in this case American law allows for the US tax authority to deduct 30 percent of current transfers by us banks bank accounts which do not comply with the statement on the nationality holder customer according to Treasury regulations.

The CBI has formed a Committee to verify Iraqi banks that have us nationality clients additionally workshop was held that law led to the banks response to this law every period are updated lists regarding global banks participating in this Act in addition to dealing with these banks and these lists are issued by the Central Bank of Iraq and circulated to all banks that have us nationality customers, the question remains do banks create methods, tools and staff training The application of this Act (FATCA)


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