On 19 June 2015, the South African Revenue Service (SARS) issued a draft notice setting forth the incidences constituting non-compliance under the intergovernmental agreement (IGA) entered into with the US with respect to the US Foreign Account Tax Compliance Act (FATCA). Such incidences are subject to a fixed amount penalty in accordance with section 210(1)…
The IRS has been taking comprehensive steps toward stricter tax policy implementation lately. Many of its new regulations have been directed toward Americans with overseas accounts and sources of income. Stiff penalties—from steep fines to jail time—await those who fail to comply. 3 Mistakes You Should Avoid When Reporting Foreign Bank Accounts to the IRS…
The UAE and US have signed an agreement to share information on any UAE-based finances of US citizens, under the US’s Foreign Account Tax Compliance Act (FATCA), the UAE Ministry of Finance said. FATCA was introduced by the US Congress in 2010 to target non-compliance by US taxpayers using foreign accounts. It requires foreign financial…
RIYADH: The introduction of Foreign Accounts Tax Compliance Act (FATCA) in the Kingdom will have an impact on more than 200,000 US citizens living in Saudi Arabia. “The act will come into force when a government-to-government agreement is signed shortly between the Kingdom and the United States,” Rupert Agius-Pease, head of tax and legal services…
Expat Americans have revealed they don’t feel well-represented by the US government, but many do not bother to vote in elections even if they can do so, research has found. There are an estimated 7.6 million Americans living abroad but a poll has found that only 58% of them voted in the last Presidential election…
