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 Makes an Uprising? 2021-09-03 17:29:45 By: Dr Lam Akol* In an undated article, Hon. Atem Garang de Kuek discussed what was required for an uprising in South Sudan to succeed as did three uprisings in the recent history of Sudan (...)

Is IGAD partly responsible for current confusion in South Sudan? 2021-08-21 09:41:17 By Bol Khan In April 2016, Radio Tamazuj posted and answered questions about the fainting Security arrangements or demilitarization of the capital, Juba as stipulated in 2015's signed ARCSS and (...)

South Sudan People Coalition for Civil Action (PCCA) is to create warlords 2021-08-19 11:06:28 By Steve Paterno In South Sudan, where just about everyone has access to guns (tons of them), and almost every ambitious politician is a potential warlord, any slight destabilization of the (...)


MORE






Latest Press Releases


Statemeny bu Hala al-Karib to UN Security Council on women conditions in Sudan 2021-09-15 11:59:16 Statement by Ms Hala Al-Karib to the UN Security Council 14 September 2021 Madam President, Excellencies, My name is Hala Al-Karib and I am the Regional Director of the Strategic Initiative (...)

Joint Communiqué on the visit of H.E. the Prime Minister of the Republic of Sudan to Juba 2021-08-23 11:23:26 19 – 21 August 2021 His Excellency Dr Abdallah Hamdok, Prime Minister of the Republic of the Sudan and Chairperson of IGAD, accompanied by Ministers of Defence, Foreign Affairs, Trade, (...)

S. Korea supports UN communities building resilience project in Sudan’s Blue Nile 2019-09-09 09:26:41 UNDP Sudan September 5, 2019 (KHARTOUM) - An agreement was signed on 5th of September between the Korean Ambassador, His Excellency. Lee Ki-Seong and Dr. Selva Ramachandran, Resident (...)


MORE

Copyright © 2003-2021 SudanTribune - All rights reserved.