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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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Satellites beat Hearts

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first_imgThe Black Satellites beat Accra Hearts of Oak 2-1 ahead of preparations towards the African U-20 tournament.Two goals from striker Mahathma Otoo and a consolation from a Douglass Nkrumah penalty was all the Satellites needed to begin what is crucially a tough campaign for Coach Orlando Wellington who must retain the U-20 trophy as well as the World U-20 trophy.Ghana became the first African team to win the World U-20 tournament after the Sellas Tetteh led, Satellites captained by Dede Ayew beat Brazil in the final in 2009.Wellington told Adom FM reporter after the game, the victory is just a perfect start for his campaign.He revealed the team will enplane to Bacelona to brush-up preparations for the upcoming competitions.For the Phobians, it was the first defeat to new Serbian coach Nobojsa Vucicevic who has the herculean task of ensuring that the Phobians are not relegated. Hearts, embarrassingly, lie third from bottom and must avoid relegation with eleven games to go.Story by Nathan Gadugah/Myjoyonline.com/Ghanalast_img read more

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