America begins to apply tax law accounts abroad

Swiss banks have been recent scandals on tax evasion (Getty / French)
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Begin the United States as of tomorrow to apply an arsenal of legal means to address the unprecedented tax evasion will allow it to bypass bank secrecy in major financial centers in the world, including Switzerland and Luxembourg.


And necessary "law tax liability accounts abroad," tens of thousands of foreign banks to provide detailed information systematically to the United States on their customers Americans or subject to taxation in the United States for any accounts exceeds fifty thousand dollars.
In the case of non-compliance, the banks are exposed to severe punishment states detain 30% of total revenue for its activities in the United States.


The law comes into effect tomorrow in the United States after lengthy negotiations and a series of scandals related to tax evasion involving Swiss banks and their clients wealthy Americans, including UPS and Credit Suisse and others.




Cooperation 


He pledged more than 77 thousand in the World Bank in collaboration with the United States in order to its relations with the economic power of the world's first, and to strengthen the legal means Washington has won a pledge from more than seventy countries imposed commitment to the new law.


The list of these countries the major Western powers such as Britain, Germany and France, along with well-known financial centers such as confidentiality applied Switzerland, Luxembourg and the Cayman Islands, Singapore and others.


Said Robert Stack, Assistant U.S. Treasury Secretary in charge of international tax collector recently, "There is no doubt at all in the strong international support for the Law of the tax liability for offshore accounts."


Said Payson Peabody - Organization of Safma, which represents the major Wall Street firms - "This law is complicated somewhat incredible, and can wonder if were not cost will exceed its attractions."


He believed that the law simply move the "burden" to combat tax evasion to financial institutions.


The cost of foreign banks thus determine the customers subject to this law and the security of tenure practical ways to respond to Washington's demands, especially that any mistake can cost a heavy price.


Critics of the law say it is starting from now to complicate the lives of Americans living abroad and who will find it difficult from now on in opening bank accounts, while others say it has caused unprecedented increase in the number of Americans who renounce their citizenship even some supporters of the law criticize imposed unilaterally where It is not required American banks to give information on foreign clients.




http://www.aljazeera.net/news/ebusiness/2014/6/30/أميركا-تبدأ-تطبيق-قانون-ضرائب-الحسابات-بالخارج
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