Economists: “Vta” agreement is absolutely useless
Economists: “Vta” agreement is absolutely useless
Posted, 10/08/2014 (00:01 pm)
BAGHDAD / Ibrahim Ibrahim
Varied views of economists about the American tax compliance agreement “Vta” for short because of the lack of compatibility with the fiscal and monetary laws of the country, while not emphasized the benefit of the local economy and the banking of the terms of the agreement, so it is considered unilateral. He said the financial expert on behalf of Jamil Antoine in an interview for the “long”, “The American financial system for a convention to fortify its economy great from entering any amounts irregularly through smuggling or money laundering, and therefore subject to all American citizens in various countries around the world, especially the tax evaders “.
He added that “there are more than fifty countries signed the Convention, including Iraq, so it became their banks are obliged to provide account statements to customers of American citizens as a result of financial and monetary dealings inside and outside of these countries.” Anton explained that “any other activities practiced by any individual American uses in which large sums of money as investments or to enter commercial partnerships put the financial system of that State signatories to the Convention within the conditions that must be made on it.” He said “any financial institution and Iraqi bank does not give accurate information represent mathematical statements are true to their clients from the citizens of the United States exposing themselves to legal accountability and criminal within the Convention.” He stressed that “the global capitalist system is subject across global organizations such as the IMF and the World Bank, the World Trade Organization under the American domination of the global economy in the grip of non-citizens from evading tax of Finance.” He pointed out that “there are a lot of banks and the banks are working on money laundering and illegal trade with money while we find banks offering solid minutes form filled in by the customers to know the source of funds and compare what they were getting according to a simple mathematical equation.” He pointed out that “the failure of the laws of the Iraqi economy and the weakness of its financial system and monetary many years ago prevented him from keeping up with the evolving global economies, including responding to this Convention, so find traded cash and paper and ongoing smuggling across the border.” Economists and analysts say that the application of this law or agreement would be tantamount to accepting that operates banks in those countries as a proxy for taxes in the pursuit of American citizenship, the American banker to reveal their financial interests, as well as that it is a violation of banking secrecy policy for banks in the world. In turn, said economic expert Ghazi Kanani “long”, “The agreement to enter into the American tax” Vta “step is useless on the economic front for Iraq being to protect the American economy with little benefit to the Iraqi economy.” He added that “Iraq has entered in agreement with him and forced many countries of the world and is intended to control the transfer of funds within and outside the country under the pretext of preventing tax evasion, the private citizens of the United States of America.” He explained that “the law of the Iraqi economy and is responsible for tax evasion, which complains it is considered America’s so arbitrary convention has nothing to do with Iraq and it is not necessary to apply to the local banks.” He said the “Iraqi banks and the banks must provide statements of account for the total transactions conducted by any American citizen inside Iraq, and if refrained will be exposed to punitive measures strict and harsh to shut up.” He stressed that the “agreement” Vta “not offer any of the Iraqi economy, but little benefit is just a routine follow the law of the State of certain matters need to commercial and economic information from its citizens abroad.” He pointed out that “the business and invest in America evaded in recent years from working in the country because of the large financial tax imposed on them so crafted to convert their investments to other countries, including Iraq.” The sources said that the American economic application of the law will not pose a threat to Arab financial institutions, as the rejection of these financial institutions, the law will lead them to the local contraction, where you will lose the ability to deal with foreign counterparts, or even with local financial institutions that comply with the law. Some states have decided to make the deal banks with the IRS American directly, what makes its financial institutions are subject to a “Vta”, otherwise subjected to sanctions that will be taken by the United States against the banks, the countries that do not reveal private accounts, Americans have deduct 30 percent of their accounts in banks American , and prevent the latter from the handle. It is noteworthy that the American tax law compliance “Vta” passed by Congress in March 2010, as part of the Employment Act incentives to restore employment. And to be under this law to taxpayers who own financial assets outside the United States, to submit a report statements of those assets for the benefit of American domestic revenue.