Said legal counsel that thousands of Saudis would be subject to penalties of the
new US tax law, which came into effect at the beginning of July, the current stressing in his speech for the "Riyadh" the importance of not complacency Saudis born in America with the new US law, especially after the Kingdom formally committed itself to sign a bilateral agreement with United States to implement the law "Vta", according to official US sources in order to protect banks and financial institutions Arabia from the consequences of non-compliance
And Vta The law was passed in 2010, and Vta is an acronym for the law as "the law on private foreign accounts of the tax obligation."
And that this law is intended primarily to prosecute American citizenship campaign or the right of residence in the United States (Green Card) living outside of America do not pay taxes or who do not provide annual returns required to disclose their income and financial accounts, which is the duty of every American or holder of the right of residence in the United States (Green Card), either live in America or abroad.
The law will impose on all banks
Financial institutions outside America
And that this law would be imposed on all banks, public financial institutions around the world, without exception, and compel it to disclose annually the US tax authorities (IRS) on the accounts of clients who hold US citizenship or right of residence in the United States (Green Card), as well as for customers who are suspected Bhmlhm any one of those documents in accordance with specific indicators.
In the case of non-compliance with the bank or financial institution is required to disclose the bank or financial institution will face severe punishment is in custody on 30% of any payments to the bank or financial institution, and the importance of this law for the United States in that it will help in the collection of taxes on Americans abroad The estimated $ 100 billion annually.
In addition to requiring banks and financial institutions to disclose their financial accounts belonging to people the Americans, as he should be on banks or financial institutions that any account have Negotiable to report it when there are specific indications that account for the benefit of a US person, and most important of these indicators to be the birthplace of the account holder in America (unless they present a document waiving his nationality), and have the account holder's e-mail address in America.
