Arab Today, arab today global tax fraud fight steps up
Last Updated : GMT 07:12:13
Arab Today, arab today
Arab Today, arab today

Global tax fraud fight steps up

Arab Today, arab today

Arab Today, arab today Global tax fraud fight steps up

Brussels - AFP

The global fight against tax evasion strengthened on Thursday with Liechtenstein agreeing to join international guidelines on discouraging tax cheats and France and the US agreeing cooperation. The US government shutdown last month delayed France joining up to the US Foreign Account Tax Compliance Act (FATCA), a fraud fighting weapon aimed at blocking rich Americans from hiding taxable money abroad. FATCA requires foreign financial institutions to report all assets in accounts held by US citizens to the Internal Revenue Service. French Finance Minister Pierre Moscovici and US ambassador Charles Rivkin signed the agreement in Paris on Thursday. "France has been an enthusiastic supporter of our effort to promote global tax transparency and critical to drafting a model of FATCA implementation," Robert Stack, US Treasury deputy assistant secretary for international tax affairs, said in a statement. "This agreement demonstrates the growing global momentum behind FATCA and strong support from the world's most important economies." Approved by US Congress in 2010, FATCA enters full implementation in January, after facing stiff opposition in Switzerland, once a major destination for Americans looking to hide their fortunes from the tax man. Under the policy, international banks are asked to report deposit information from clients subject to tax in the US or risk a 30 percent levy on revenue. Ten countries have now signed the agreement, most taking the option to have banks and US authorities communicate directly with Japan and Switzerland choosing to work through governments. The two officials said the deal was big step towards fighting tax fraud and fell in line with goals set out by the G20 group of nations at a summit in September. At the St. Petersburg summit, leaders from the world's 20 biggest economies agreed to begin the automatic exchange of banking information by the end of 2015. Liechtenstein meanwhile said it would sign the G20 agreement on fighting tax evasion, sounding the death-knell for its long ingrained banking secrecy practices. The tiny Alpine principality said it would sign the Multilateral Convention on Mutual Administrative Assistance in Tax Matters "in November 2013". The small, landlocked country, cushioned between Switzerland and Austria and long considered a tax haven, stressed its intent to "participate actively" with the Organisation for Economic Cooperation and Development in developing that standard. At the instigation of many advanced countries, the Paris-based OECD has spearheaded a clampdown on tax evasion and the concealment of illicit funds. The movement to scrap banking secrecy policies in Liechtenstein and other well-known "tax havens", such as neighbouring Switzerland, arose after the financial crisis of 2008 and subsequent eurozone debt crisis, as cash-strapped countries began going more aggressively after tax evaders and the banks that helped them. By signing the convention, Liechtenstein will join a long list of signatories, including all G20 members, as well as more than 40 other countries. In addition to exchanging information, signatories, which since last month also includes Switzerland, agree to organise simultaneous checks to track tax fraud.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today global tax fraud fight steps up Arab Today, arab today global tax fraud fight steps up

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today global tax fraud fight steps up Arab Today, arab today global tax fraud fight steps up

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday