Inside Iraq within the agreement «leaning back FATCA»

Inside Iraq within the agreement «leaning back FATCA»

5/11/2014 0:00 

Baghdad - Mostafa Hashemi 
said economic expert, Dr. appearance of Mohammed Saleh: that Iraq within the Convention "Alvta" (Law Alamttal new tax American) citizens of a naturalized U.S. citizen in the whole world and passed by Congress in 2010. 

known as "Alvta" It is an abbreviation for Foreign Account Tax Compliance Act as measures limiting evade American citizens to pay taxes to the government, has been working out recently in 30 countries in the world. 

Saleh said in a statement (morning) that work this Convention gives immunity reciprocal for both Iraq and the United States in the field of taxes and follow-up the movement of money in addition to that it increases the transparency in the exchange of information between the two sides of government. 

pointing out that the banks operating in Iraq covered by the Convention "Alvta" reduction of tax evasion when entering Iraq to the Convention effectively. 

said that if the U.S. citizen, for example, to pay for the premium or the price of an apartment in cash, was discovered the subject of the selling company as recorded receipt of the amount in cash and the amount of value is high, and put the buyer can not buy it, he will face the buyer two counts, but that he had other income and by concealing the IRS, or he owns entered illegally or is the process of money laundering. 

decided some countries make the deal banks with the IRS the U.S. directly, what makes its financial institutions subject to "Alvta", or face sanctions that will be taken by the United States against the banks, the countries that do not reveal private accounts, Americans have deduct 30 percent of their accounts in banks the U.S., and to prevent the final of the handle. 

his part, said the academic economic Dr Essam Mahouelle told (morning): that taxes in the United States high and expensive as well as higher wages for manpower there, what makes some of them looking for the establishment of Projects bring him profits in countries where the tax payment is less and the cost of manpower is low. 

, and added that this agreement serves the American side too much compared to some of the banking facilities provided by the United States of the member states of the Convention. 

his part, said adviser in matters of international trade Tawfiq inhibitor (morning ) should be developed banking system and make refineries international regulations so that Iraq can benefit from this agreement. He said that the agreement gives member states the legal cover for the freedom of action of the banks along with granting facilities to the business of banking.

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