Home | News    Wednesday 2 April 2014

Sudanese banks to implement US law targeting tax evasion

separation
increase
decrease
separation
separation

April 1, 2014 (KHARTOUM) – The Central Bank of Sudan (CBoS) has directed all commercial banks in the country to implement provisions of the of the US Foreign Account Tax Compliance Act (FATCA) by 1 July.

JPEG - 22.3 kb

FACTA is a US law designed to crack down on offshore tax evasion by American citizens through requiring most foreign banks and investment funds to report to the US Internal Revenue Service (IRS) information about US customers’ accounts worth $50,000 or more.

Even though FACTA was signed into law since 2010, it will only go into effect this upcoming July. The United States is one of the few nations that levies taxes on its citizens’ income earned abroad.

At a workshop held in Khartoum this week on FACTA, the Lebanese banking expert Antoine Dagher said that this law will be used to calculate taxes on US citizens in their country of residence.

Banks not adhering to FACTA could face stiff penalties, including a withholding of up to 30% on their US-invested money, he said.

Both the managing director of the Sudanese French Bank, Mahjoub Shubbu, and former CBoS governor, Saber Mohamed al-Hassan, warned that non-compliance could place local banks under global pressure that would threaten its international dealings.

The US signed bilateral agreement with a number of countries on the implementation of FACTA. Sudan is not one of those nations and it is not clear if CBoS will relay information to the IRS on the US citizens’ accounts or whether the individual banks would do so.

Sudan is subject to comprehensive economic sanctions since 1997 over terrorism charges as well as human right abuses. Further sanctions, particularly on weapons, have been imposed since the 2003 outbreak of violence in the western Darfur region.

(ST)

Comments on the Sudan Tribune website must abide by the following rules. Contravention of these rules will lead to the user losing their Sudan Tribune account with immediate effect.

- No inciting violence
- No inappropriate or offensive language
- No racism, tribalism or sectarianism
- No inappropriate or derogatory remarks
- No deviation from the topic of the article
- No advertising, spamming or links
- No incomprehensible comments

Due to the unprecedented amount of racist and offensive language on the site, Sudan Tribune tries to vet all comments on the site.

There is now also a limit of 400 words per comment. If you want to express yourself in more detail than this allows, please e-mail your comment as an article to comment@sudantribune.com

Kind regards,

The Sudan Tribune editorial team.

Comment on this article


 
 

The following ads are provided by Google. SudanTribune has no authority on it.


Sudan Tribune

Promote your Page too

Latest Comments & Analysis


What about the leaked Sudanese regime documents? 2014-10-01 07:05:27 By Salah Shuaib September 30, 2014 - Colluding with the regime, some regional and international forces have been, during the last two decades, producing and adapting negotiation solutions of (...)

Beyond the thinking hillock of Sudan’s security apparatus 2014-10-01 06:55:03 By Mahmoud A. Suleiman September 30, 2014 - The following article is an attempt to analyse of what the Chiefs of Military, Intelligence and Security Devices of the National Congress Party (NCP) (...)

Genesis of Lakes State crisis (Part 1) 2014-10-01 06:49:36 By Peter Gai Manyuon September 30, 2014 - Lakes State Comprises of eight Counties and most of them are for Dinka tribes but different sub-clans perceptions are too different with each others in (...)


MORE








Latest Press Releases


Sudan Democracy First Group condemns wave of arbitrary arrests in Sudan 2014-09-25 05:17:35 Sudan Democracy First Group 25 September 2014 - In a desperate attempt to prevent a series of events commemorating the victims of the September 2013 protests, Sudan’s notorious National (...)

HRW calls on UN rights body to press Sudan to investigate murder of peaceful protesters 2014-09-24 21:24:09 Human Rights Watch One Year On, No Justice for Protester Deaths (Geneva, September 23, 2014) – The United Nations Human Rights Council should call on Sudan to account immediately for the death (...)

Hundreds walk for peace in South Sudan 2014-09-23 08:30:16 National Platform for Peace and Reconciliation (NPPR) PRESS RELEASE Juba, 21 September 2014 - Hundreds of people took to the streets of the South Sudan capital Jubato ‘Walk for Peace’and demand (...)


MORE

Copyright © 2003-2014 SudanTribune - All rights reserved.