Iraq officially looking to join Vta

by day dreamer Mon 23 Feb 2015, 5:08 pm

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Iraq officially looking to join Vta

by day dreamer Mon 23 Feb 2015, 5:08 pm

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Iraq officially looking to join Vta {}

2/24/2015 0:00

BAGHDAD - Mustafa al-Hashemi
Raised the issue of a study on Iraq's accession to the Convention on the Vta "sensation among specialists, warning of its potential secret accounts at local banks violation, after the Ministry of Finance to discuss this matter with the government banks and the taxes and insurance companies."
Known as "Alvta" which stands 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 heavily indebted US Treasury while the Iraqi constitution allows citizens 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 revenue earned on its territory and transformation achieved by the tax to the United States any more precisely to act states like collector US taxes.
He explained that the banks can handle, which fears the law "Vta" not open accounts or granting credits for citizens of US citizenship campaign.
He noted that this system invented by American minds in order to save the budget crumbling of the Government and the heavily indebted, noting that all companies Americans 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 said a banking expert Essam Mohamed: Is the US government will prosecute foreign companies operating on its territory and tax shift taxes to the homelands of indigenous 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 also pointed 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 Iraqi and imported materials with Iraqi funds and check him personal income .. on what basis are calculated by the tax and turned to the United States?
And the importance of pre-tax accountable to the Iraqi interest and determine the responsibility of duplication calculated by the tax in this case, considering that Iraq is free of double taxation country.
It is worth mentioning that the Finance Minister Hoshyar Zebari had discussed with the managers of banks and insurance companies and the Tax Authority in the Ministry of Finance and the General Manager of the Commercial Bank of Iraq and 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 for foreign accounts 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 about compliance with US tax law (Vta) for submission 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 US economic sources reported that law enforcement will not pose a threat to the Arab financial institutions, as the rejection of these financial institutions to 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 and countries 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 them.
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 employment rates. 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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