The audience was welcomed by Olaf Drummer (President of
FACTA and Organizing Committee Chair), Mark Stephenson (Secretary of
FACTA and Local Organising Host), Hee Sun Chung (President of TIAFT), Markus Baumgartner (President of SoHT), and Ian Stewart APM (Commissioner, Queensland Police Service).
Deputy head of the US Financial Advisory and Audit Firm (USFAAF) Jim O'Neill said US citizens and green card holders in Egypt and Arab countries are obligated to comply with the US Foreign Account Tax Compliance Act, commonly known as
FACTA, to avoid paying fines or imprisonment.
US Inland Revenue Service (IRS) ensures implementation of
FACTA and signs agreement with the governments of the countries wherein US citizens reside and do business and it also enters into agreement with the banks and financial institutions of these countries on the basis of one among three options spelt out in
FACTA and shares intelligence with them.
Standard Bank group tax head, Mardelle Kelbrick, said the bank would be spending between ZAR95m and ZAR100m in the next few years to comply with the US Foreign Account Tax Act (
Facta) and the new international Common Reporting Standard on the automatic exchange of financial account information.
And in a nod to one of the town's former mayors, Sir William Crosthwaite, a window on the stairs bears the seahorse logo of the Crosthwaite Tees tugs, complete with Latin motto "
facta non verba" - deeds not words.
Commenting on the
FACTA agreement, HE Younis Haji Al Khoori, Undersecretary of MoF, said, "The country was keen to sign this agreement to protect UAE financial institutions.
"Fortunately, thanks to both our strong financial position and excellent
FACTA program management, the impact on our profitability is marginal.
The Federal Account Tax Compliance Act (
FACTA) CJI H.
2012), the lawsuit alleged that the city willfully violated provisions of the federal Fair and Accurate Credit Transactions Act (
FACTA).
The Ministry of Finance has completed the first stage of initialing the procedures of the FATCA Agreement that provides legal coverage for the banks and financial institutions to comply with the requirement of the
FACTA which has extended the deadline for the registration of banks and financial institutions on the US Internal Revenue Service (IRS) website which will be due on May 5th 2014 as announced by the Treasury Department on December 31st 2014.