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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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Mr. Michael Ray “Mike” Beatty

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Mr. Michael Ray “Mike” Beatty, age 60, of Florence, Indiana, entered this life on January 23, 1959, in Milan, Indiana, the loving son of the late, Ray Francis and Lucy Ellen (Niccum) Beatty. Mike was raised in Switzerland County where he was a graduate of the Switzerland County High School. Mike was united in marriage on November 5, 1988, at the Florence Church of Christ to JoKay Sullivan. JoKay and Mike shared nearly 31 years of marriage together until his death. Mike was employed as a room technician for Belterra Casino Resort & Spa in Florence, Indiana, retiring after 17 years of service. He was a member of the Truth Apostolic Church in Vevay, Indiana and was a former member of the Florence Masonic Lodge No.27. Mike will be remembered for his love of hunting and fishing. Mike passed away at 12:12 a.m., Wednesday, May 22, 2019, at the Mercy Health West in Cincinnati, Ohio.Mike will be missed by deeply missed by his loving wife, JoKay (Sullivan) Beatty of Florence, Indiana and his sister, Donna Mink and her husband, Dewayne of Florence, Indiana.He was preceded in death by his parents, Ray Francis Beatty, died September 17, 1988 and Lucy Ellen (Niccum) Beatty, died May 24, 2015.Friends may call 11:00 a.m. – 1:00 p.m., Friday, May 24, 2019, at the Haskell & Morrison Funeral Home, 208 Ferry Street Vevay, Indiana 47043.Funeral services will be conducted Friday, May 24, 2019, at 1:00 p.m., by Bro. Anthony Wilks at the Haskell & Morrison Funeral Home, 208 Ferry Street Vevay, Indiana 47043.Interment will follow in the Vevay Cemetery, Vevay, Indiana.Memorial contributions may be made to the Mr. Michael Ray “Mike” Beatty Memorial Fund. Cards are available at the funeral home or online at www.haskellandmorrison.com read more

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