HE the Qatar Central Bank Governor Sheikh Abdullah bin Saoud al-Thani has said any failure to comply with the US’ Foreign Account Tax Compliance Act (FATCA) will expose non-US financial institutions to reputational and other economic risks.
He was delivering the opening address at the symposium on FATCA organised by Qatar Central Bank at the Ritz-Carlton yesterday.
The event was attended, among others, by officials from Qatar Central Bank, Qatar Financial Markets Authority and the Qatar Financial Centre Regulatory Authority.
The enactment of FATCA by the US Congress in 2010, aims mainly to combat tax evasion by Americans holding financial assets overseas. This new law covers US citizens, including those with dual nationality, and Green Card holders.
“This symposium aims to address the requirements of this law and presents a valuable opportunity for all participants among government and financial officials in Qatar and GCC countries to discuss with the US Treasury representatives the requirements of FATCA and the progress made by the United States in the areas of implementation and bilateral agreements on information exchange,” he said.
Sheikh Abdullah thanked Danielle Rolfes and Jesse Eggert of the US Treasury and Housden from the UK Treasury who have participated in the symposium.
The symposium was also attended by the representatives of the GCC Central Banks and Ministries of Finance, as well as tax experts and the audience for their participation in the Symposium.
The QCB initiative was supported by Deloitte and Touche, Ernst & Young, KPMG, and PriceWaterhouse Coopers.
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