Tax compliance and Iraqi banks

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Tax compliance and Iraqi banks

Post  Admin on Sat Aug 05, 2017 10:58 am

05/8/2017 12:00 am

Mustafa Mohamed Ibrahim
The US Tax Compliance Act was enacted in March 2010 and the purpose of the legislation is to combat tax evasion of US individuals who own financial assets in non-US financial institutions and investment vehicles.

 The Foreign Account Tax Compliance Act (FATCA) is defined as a law passed by state jurisdictions The United States of America to disclose in detail their income, funds and accounts to the American Tax Administration. In the same context, the global banking system is operating within one integrated system that no financial institution can work in isolation because of the great development in the business environment and the dominance of some countries For the largest banks in the world as well as technological development in the means of communication and the Internet which made the world a small village.

As these banks operate under the laws and standards and decisions and instructions and conditions are almost uniform, the Iraqi banking system, which is the head of the banking pyramid, "the Central Bank of Iraq" is one of the parties to this global and can not be dispensed with, as all the money transferred from Iraq to beneficiaries abroad through banks Global as well as the Central Bank of Iraq and Iraqi banks have foreign accounts and different currencies, as there is a real need to work within the global banking system by any Iraqi bank, which requires adapting to the laws and regulations imposed by the environment bank International community.

By signing an agreement between the Bank and the American Tax Department of the Treasury Department, the bank will release its US citizens and accounts to the Tax Policy Office to deduct the amount due to them according to the law. When the governments of the countries or banks fail to cooperate with the new law, The US has cut 30 percent of the current transfers by US banks from the accounts of the bank, which does not comply with the declaration of a client who has a nationality in accordance with the US Treasury regulations.

The Central Bank of Iraq formed a committee to verify the private banks that have customers with US citizenship. In addition, a workshop was held on this law, which led to the response of Iraqi banks to this law and updated the entire period of lists regarding the international banks participating in this law in addition to dealing with These banks are issued these lists by the Central Bank and circulate to all banks that have customers who hold US citizenship.

The question remains: are banks preparing the means?
Tools and staff training on the implementation of this law
(FATCA).


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