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Tax evasion law “could cost big banks $100 million”

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first_img 213 Views   no discussions MILAN (Reuters) – A U.S. law aimed at curbing tax evasion by citizens using foreign accounts could cost large multinational banks as much as $100 million apiece to implement in one-off systems costs, a top asset manager and a tax lawyer told a conference on Friday.The overall costs of implementing the Foreign Account Tax Compliance Act (FATCA), could approach the more than $8 billion FATCA is due to raise over 10 years, he said.FATCA was introduced after high profile tax evasion cases.“With FATCA there is a cost on us in Europe but benefits in the U.S.. The benefit is $8.5 bln over 10 years … for multinational banks I have seen estimates of $100 million (each, in one-off costs),” said James Broderick, head of Europe, Middle East and Africa for JP Morgan Asset Management.“It would be easier to just write a cheque to the IRS (U.S. tax authority)”, he added.The $100 million figure is with regard to the costs of implementation for the banking systems of large, multi-jurisdictional banks, and not for an asset manager, he said.Speaking at the same conference, organized by Italy’s asset management association Assogestioni, tax expert Keith Lawson said he had also heard the $100 mln figure.Lawson, Senior Counsel Tax Law at ICI, the U.S. national association of U.S. investment companies, said aspects of FATCA were “draconian” but a repeal would be very difficult given the amount it would raise.Broderick said banks and wealth managers had to accept that FATCA, which starts coming into force in June 2013, would be implemented and they may have to change their business models.FATCA has drawn wide criticism from abroad, with banks and business people saying the new law turns them into agents of the IRS.Writing by Nigel Tutt; Editing by Greg MahlichYAHOO News Tweet LifestyleMoney Tax evasion law “could cost big banks $100 million” by: – November 18, 2011 Sharecenter_img Share Share Sharing is caring!last_img read more

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GOtv Boxing Night 19: ‘Esepo’ Wins N1m Best Boxer Prize

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first_imgThe 27-year-old, who is undefeated in eight fights, was quicker, more alert and energetic than the former ABU champion, who had a hugely punishing evening.Another big winner on the night was Nigeria’s Rilwan ‘Baby Face’ Babatunde, the West African Boxing Union (WABU) champion, who knocked out Ghana’s Edem Biki in the final round of their 10-round international challenge bout.Despite suffering a cut above his right eye, Babatunde remained undaunted and rallied back dramatically with three devastating left hooks to end the fight at the start of the last round. While the win saw Babatunde stretch his unbeaten record to nine, it was a first defeat for Biki in 10 fights.In the national lightweight challenge, Rilwan ‘Real One’ Oladosu maintained his unbeaten streak, after seeing off Hammed ‘Ese Hammed’ Ganiyu with a win via unanimous decision. Also maintaining his unbeaten record is ABU lightweight champion, Oto ‘Joe Boy’ Joseph, who knocked out Tope ‘Berinja’ Agboola their eight-round national lightweight challenge bout.The eight-round national featherweight challenge bout saw Tope ‘TP Rock’ Musa, score a unanimous decision victory over Kazeem “The Light” Oliwo.Adeyemi ‘Spirit’ Adekanla defeated Isaac ‘I-Star’ Chukwudi, Adekanla via a split decision in their national light welterweight challenge bout.In the four-round female national bantamweight challenge, bout, Rodiat Yusuf saw off Fatima Sanni via a second round technical knockout, while Cynthia ‘Bobby Girl’ Ogunsemilore, made light work of Abiodun ‘Lady Crusher’ Adedeji, by securing a first round technical knockout win.Ten journalists from the print and electronic media were honoured for their support for GOtv Boxing Night and contributions to boxing in Nigeria.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Fast-rising featherweight boxer, Taiwo ‘Esepo’ Agbaje, on Sunday, emerged best boxer at GOtv Boxing Night 19, held at the Indoor Sports Hall of the National Stadium, Lagos. He was awarded the Mojisola Ogunsanya Memorial Trophy and a cash prize of N1million after being adjudged the best by journalists in attendance.The award was his second, after clinching the first at GOtv Boxing Night 16 held at the Teslim Balogun Stadium last year. The boxer wowed the crowd with a commanding performance to defeat Waidi ‘Skoro’ Usman, former African Boxing Union (ABU) champion, in their eight-round national challenge bout.He left no one in doubt of his mission from the first bell, as he twice left Skoro sprawling in the first round with vicious punches delivered at a high speed.last_img read more

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