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Solution junction «Vta» with dual citizenship promotes foreign investment
6/10/2015 0:11
BAGHDAD Mustafa al-Hashimi
stressed economic researcher on the importance of studying the subject of joining the «Vta» agreement in the Parliamentary Finance Committee carefully and focus and cooperation with the United States in this regard the fact that the importance of not less than the importance of the fight against money laundering.
The Ministry of Finance discussed with the banks managers, insurance companies and body Taxes Commercial Bank of Iraq in February, tax compliance with the United States of America Agreement (Vta) concluded between the United States and most countries relating to tax compliance of the accounts of foreign to provide tax information on people who hold citizenship
of US.
In this context, economic researcher showed state just the importance of the Commission Finance in Parliament to give its opinion to this topic as the legislative authority concerned in this matter, calling to show its recommendations to government departments after the study must be deep and familiar with all the details, because «Vta» the sensitive aspects of the disclosure of secret local bank accounts for the benefit of US taxes.
known as "Alvta" It is an acronym for oreign Account Tax Compliance Act as measures limiting evade US citizens from paying taxes to the government, and entered several countries in this Convention recently.
According to the agreement, any umbrella state underneath must be held accountable American person (natural and moral) on the income achieved by the territory and transformation achieved by the tax to the United States any more precisely to act states like collector of American taxes.
Adel said in an interview for »morning» was due to the central bank to submit draft legislation between Iraq and the United States about the tax compliance with US law (Vta) for submission to the House of Representatives before the fifteenth of last September for the purpose of deciding which according to the report by an earlier statement, the Ministry of Finance, the central bank did not announce send the draft law to the parliament for discussion yet.
It is noteworthy that the US Tax Compliance Act "Vta" passed by Congress US in March 2010, as part of the Employment Law incentives to restore employment rates. And it is under this law on the taxpayers who own financial assets outside the United States, to submit a report on statements of those assets for the benefit of local revenues
the US.
just asked about the effectiveness of the mechanisms that will be implemented and infrastructure that should be available in Iraqi banks, especially that the Constitution allows for citizens and allows him duplication nationality, how it will be possible for the bank after approving accession to the Convention that verifies that the customer does not hold citizenship
of America?
underlined the importance of such interference through knowledge of all the details related to and not neglecting any side to avoid falling into the irregularities or errors of law, indicating the need to adhere to the terms of agreement when approved and join the formal because it will move the investment in the country, pointing out 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 to him personally entered .. on what basis is calculated by the tax and turning to the United States?
and showed the importance of accountable before taxes Iraqi interest and determine the responsibility of duplication calculated by the tax in this case Iraq to be a country free from double taxation.
Some countries have decided to make the deal banks with US IRS directly, what makes their financial institutions are subject to "Alvta", or face sanctions, which the United States will take against countries that banks do not disclose private accounts Americans have deduct 30 percent of their accounts of US banks, and the last was prevented from dealing
with it.
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6/10/2015 0:11
BAGHDAD Mustafa al-Hashimi
stressed economic researcher on the importance of studying the subject of joining the «Vta» agreement in the Parliamentary Finance Committee carefully and focus and cooperation with the United States in this regard the fact that the importance of not less than the importance of the fight against money laundering.
The Ministry of Finance discussed with the banks managers, insurance companies and body Taxes Commercial Bank of Iraq in February, tax compliance with the United States of America Agreement (Vta) concluded between the United States and most countries relating to tax compliance of the accounts of foreign to provide tax information on people who hold citizenship
of US.
In this context, economic researcher showed state just the importance of the Commission Finance in Parliament to give its opinion to this topic as the legislative authority concerned in this matter, calling to show its recommendations to government departments after the study must be deep and familiar with all the details, because «Vta» the sensitive aspects of the disclosure of secret local bank accounts for the benefit of US taxes.
known as "Alvta" It is an acronym for oreign Account Tax Compliance Act as measures limiting evade US citizens from paying taxes to the government, and entered several countries in this Convention recently.
According to the agreement, any umbrella state underneath must be held accountable American person (natural and moral) on the income achieved by the territory and transformation achieved by the tax to the United States any more precisely to act states like collector of American taxes.
Adel said in an interview for »morning» was due to the central bank to submit draft legislation between Iraq and the United States about the tax compliance with US law (Vta) for submission to the House of Representatives before the fifteenth of last September for the purpose of deciding which according to the report by an earlier statement, the Ministry of Finance, the central bank did not announce send the draft law to the parliament for discussion yet.
It is noteworthy that the US Tax Compliance Act "Vta" passed by Congress US in March 2010, as part of the Employment Law incentives to restore employment rates. And it is under this law on the taxpayers who own financial assets outside the United States, to submit a report on statements of those assets for the benefit of local revenues
the US.
just asked about the effectiveness of the mechanisms that will be implemented and infrastructure that should be available in Iraqi banks, especially that the Constitution allows for citizens and allows him duplication nationality, how it will be possible for the bank after approving accession to the Convention that verifies that the customer does not hold citizenship
of America?
underlined the importance of such interference through knowledge of all the details related to and not neglecting any side to avoid falling into the irregularities or errors of law, indicating the need to adhere to the terms of agreement when approved and join the formal because it will move the investment in the country, pointing out 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 to him personally entered .. on what basis is calculated by the tax and turning to the United States?
and showed the importance of accountable before taxes Iraqi interest and determine the responsibility of duplication calculated by the tax in this case Iraq to be a country free from double taxation.
Some countries have decided to make the deal banks with US IRS directly, what makes their financial institutions are subject to "Alvta", or face sanctions, which the United States will take against countries that banks do not disclose private accounts Americans have deduct 30 percent of their accounts of US banks, and the last was prevented from dealing
with it.
[You must be registered and logged in to see this link.]
