Fattouh: “FATCA” will replace the law “GATCA”

Secretary general of he Union of Arabs and Sam Fattouh for an international approach to the globalization of law “Vta” American FATCA, any tax compliance with the Law on Foreign Americans accounts, to become international law under labeled GATCA “Gta” (Global Account Tax Compliance Act), any tax compliance law global accounts, and applied by most countries of the world on its nationals who work outside the borders of their home countries and they have income and investments. He said that the “law” Gta “will become international law, and would require all state holders citizenship application. Is one of the most important sources of income to her, and is expected to solve the new law, place of law” Vta “, will be the exchange of information at the level of countries of the world automatically via what is known as the mechanism of exchange information.
He said Fattouh, that “the European Union countries, at the forefront of France, Britain, Germany, Spain, Italy and Portugal, moving steadily in this context, is currently paving the way for application of the law” Gta “(GATCA new), it has made strides in stopping tax evasion to the citizens of these countries Operations abroad, noting that China is working less frequently but seriously also to apply it.
“He pointed out that” a large number of European countries issued in this regard, letters to the European Commission to demand the enactment of a new international-style US law to combat tax evasion known as “Vta” He also did not face any objection from any country in the European Union to prevent the adoption of this new tax law on global accounts. “He announced Fattouh said” exchange of banking information with complete transparency is essential to avoid several risks, in accordance with the requirements of GATCA law, as will the exchange of information useful very service tax purposes at the level of the world, which will limit consequently the phenomenon of tax evasion at the international level.
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