finance professionals discuss changes in us regulations
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Finance professionals discuss changes in US regulations

Arab Today, arab today

Arab Today, arab today Finance professionals discuss changes in US regulations

London - Arabstoday

More than 40 senior professionals from the financial services industry met here yesterday to discuss the latest developments of the US’ Foreign Account Tax Compliance Act (FATCA) legislation. Hosted by global audit, tax and advisory firm KPMG, the seminar updated the attendees on the FATCA and the best approach for Qatar. The seminar was opened by Omar Mahmood, partner, head of financial services, and included presentations from Julio Castro, US tax partner, KPMG (UK), and Rachit Batham, manager (Financial Services) KPMG India. Last month, the US tax authority - the Internal Revenue Service (IRS) - issued new regulations that would allow any financial institution that is in scope of FATCA to report to its local government, instead of directly to the IRS. This would be possible if the local government had signed a bilateral inter-governmental agreement (IGA) which facilitates the sharing of information between the US and its counterpart country. “The requirements for FATCA compliance were recently made more specific,” said Mahmood. “As a consequence it is in the interests of many businesses to better understand FATCA regulation and its potential local implications.” To be FATCA compliant, Foreign Financial Institutions (FFIs) can be deemed compliant or have to sign an agreement with the US tax authorities (IRS) to be participating FFIs. Once registered they will identify all US sourced income they receive and pay to US tax payers or non-participating FFIs in their customer base and report certain data to the IRS on a annual basis. This agreement has to be signed between January and June 2013 to be effective from January 2014. According to KPMG, all affected companies will need to review their business models and products to understand how they will be affected. The seminar highlighted the latest developments on FATCA and the best way forward for Qatar to ensure that it maintains its status as a financial hub.

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*

finance professionals discuss changes in us regulations finance professionals discuss changes in us regulations

 



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*

finance professionals discuss changes in us regulations finance professionals discuss changes in us regulations

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday