UAE banks to be hit by US tax act
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UAE banks to be hit by US tax act
by Rooster Thu May 12, 2011 2:55 pm
UAE banks to be hit by US tax act
* United Arab Emirates: 12 hours, 21 minutes ago
Financial experts have warned that a US tax law that was passed two years ago could cost banks in the UAE millions of dirhams, Gulf News has reported.
To be implemented from January 2013, the US Foreign Account Tax Compliance Act (FATCA) requires foreign banks and financial institutions to disclose the nationality of their account-holders or investors and any bank or institution that does not comply will face a 30% withholding tax on US source income.
"All UAE banks need to understand exactly who the tax could apply to and need to have systems and staff ready to collect all that information on behalf of all their account-holders. They are going to need to be ready," John Belsey, who leads Deloitte's international tax practice, told the daily.
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* United Arab Emirates: 12 hours, 21 minutes ago
Financial experts have warned that a US tax law that was passed two years ago could cost banks in the UAE millions of dirhams, Gulf News has reported.
To be implemented from January 2013, the US Foreign Account Tax Compliance Act (FATCA) requires foreign banks and financial institutions to disclose the nationality of their account-holders or investors and any bank or institution that does not comply will face a 30% withholding tax on US source income.
"All UAE banks need to understand exactly who the tax could apply to and need to have systems and staff ready to collect all that information on behalf of all their account-holders. They are going to need to be ready," John Belsey, who leads Deloitte's international tax practice, told the daily.
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Rooster- Posts : 1446
Join date : 2011-04-16
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