America begins to apply tax law accounts abroad

Began the United States as of tomorrow to apply an arsenal of legal means unprecedented to tackle tax evasion will allow it to bypass bank secrecy in the major financial centers in the world, including Switzerland and Luxembourg.

Required “law tax liability accounts abroad,” tens of thousands of foreign banks to provide detailed information in 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 provided for the detention of 30% of the total revenue from its activities in the United States.

and the law comes into effect tomorrow in the U.S. United after long 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

and pledged more than 77 thousand bank in the world in cooperation with the United States in order to its relations with the economic power of the world’s first, and to promote this means Legal Washington has won a pledge from more than seventy countries imposed commitment to the new law.

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

said Robert Stack, Assistant U.S. Treasury Secretary-designate levy International Taxation 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 – from the Organization of Safma, which represents the major Wall Street firms – “This law is complicated somewhat incredible, can we wonder that were not cost will exceed its attractions.

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

would cost 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 began from now 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 as it is not required banks U.S. to give information on foreign clients.

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