The Housing Bank Co-Sponsored "Tax Compliance Act" Forum at the Dead Sea
The Housing Bank co-sponsored the forum "Foreign Account Tax Compliance Act-FATCA", which will enter into force on 1st of March 2015. The forum was organized by Union of Arab Banks (UAB), with the participation of 100 banking experts from 12 Arab and foreign countries, and by many economic and financial bodies in countries of the region and the world.
The Act targets taxpayers with U.S. nationality, but exceeds the jurisdiction of the United States in its application, leading to imposition of additional financial and administrative burdens on financial institutions and their activities, and thus their profitability and risks.
Maher Al-Sheik, Deputy Governor of the Central Bank, called in a speech on behalf of the Governor: "The countdown of the application of FATCA has begun, after raising the status of controversy at the local, regional and international levels because of repercussions and difficulties associated with its application."
Al-Sheik said that: "the Act forced the Organization for Economic Co-Operation and Development (OCED) to issue uniform standards for automatic exchange of information through multilateral efforts of the Group of Twenty in confirming the need to fight against tax evasion abroad, while ensuring the reduction of compliance costs as low as possible." Al-Sheik stressed that reduction of compliance costs and spread benefits to more countries must remain everyone's goals."
Sponsorship by the Housing Bank for this forum arises from its social responsibility, commitment to support purposeful economic conferences, and permanent and continuing efforts to strengthen relations between the Bank and different economic sectors in Jordan and the region, to serve and support the national economy and upgrade it to better levels.