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.


s
Sudan Tribune

Promote your Page too

Latest Comments & Analysis


ARCSS and HLRF: last or lost chance for peace in South Sudan? 2017-12-14 05:02:15 By James Okuk “Tell people in power that something they tried didn’t work as expected” – Peter Ross. “A state without the means of some change is without the means of its conservation” – Edmund (...)

Response to Bona Malual statements on Abyei 2017-12-11 20:24:24 By Hon Arop Madut Arop As I was reading the last proof of my new book on the Ngok Dinka history, which is currently with the printers, somebody sent me a recorded voice message purportedly given (...)

Is Jieng Council of Elders responsible for South Sudan crisis? 2017-12-10 17:59:57 By Samuel Maker Amuor Silence means acceptance! It takes less than a minute for one to come across Jieng council of elders’ meddle on national affairs as they claim. Either through social media (...)


MORE






Latest Press Releases


South Sudanese rights group call to release political detainees 2017-12-10 07:50:31 THE INTERNATIONAL HUMAN RIGHTS DAY: 10 DECEMBER 2017: SSHURSA CALLS ON ALL TO ACTION FOR SOUTH SUDANESE The 10 December usually marks the international human rights day. SSHURSA notes with (...)

Reactions to government agencies’ conspiracy against Greater Bor community 2017-10-08 07:54:31 By Manyok Abraham Thuch & Kuch Kuol Deng A monkey business or a donkey business in the government of the republic of South Sudan against the citizens is unacceptable. Therefore, we as youth (...)

Amnesty calls to release Nubian activists detained over protest for cultural rights 2017-09-12 20:47:54 AMNESTY INTERNATIONAL PRESS RELEASE 12 September 2017 Egypt: Release 24 Nubian activists detained after protest calling for respect of their cultural rights Egyptian authorities should (...)


MORE

Copyright © 2003-2017 SudanTribune - All rights reserved.