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14 Aug, 2013

US to target tax-evading Americans in the Gulf | Arab News

The United States Internal Revenue Service is inching toward implementing a tax law targeting US taxpayers holding unreported foreign financial assets. The law will have a far-reaching impact on American expatriates who have accounts with financial institutions in the GCC.

The Foreign Account Tax Compliance Act FATCA, signed into law by President Barack Obama in 2010 and which becomes effective on July 1, 2014, is intended to find US citizens avoiding their tax obligations by requiring foreign financial institutions to report their bank details.Saudi Arabia has already signed agreements with accounting firms Ernst & Young, Pricewater-houseCoopers and KBMG to participate in the implementation.

Read the rest: US to access Americans’ GCC finances | Arab News