USFAAF opens offices in Riyadh, Jeddah for tax issues under FACTA
RIYADH — Madawy Bint Saud Bin Musaed Bin Abdulaziz Al Saud has praised the efforts of the US Financial Advisory & Audit Firm (USFAAF) for solving the growing problems of the Saudi nationals holding the American passports regarding the tax payment and the importance of submitting the tax return on due time in accordance with Foreign Account Tax Compliance Act (FACTA) agreement between the Kingdom of Saudi Arabia and the United States.
She disclosed that the opening two branches in Riyadh and Jeddah would help the Saudi nationals in getting the consultancies in order to prevent them from punishments imposed by the US government on those who do not pay the tax or do not submit the tax return on due time.
She noted that the importance of signing FACTA agreement with the United States and opening two branches authorized and registered by IRS ( Internal Revenue Service ) would bar the Saudis from tough US punishments which amounts to huge fine in dollars and also imprisonment.
The USFAAF held a press conference recently at Four Seasons hotel in Riyadh.
The event was attended by Jim O’Neill, Senior Vice President, USFAAF, Chelsea Rebeck, Attorney and FATCA Director, Ahmed Abu Nar Middle East Managing Director and Osama Eldahshoury, Middle East, Executive Director and other top-notch dignitaries.
O’Neill addressing the press conference said: Those who hold the American passport or the Green card and living in GCC countries they have to abide by FACTA law to avoid the fines and imprisonment.
Chelsea Rebeck said: over 7 million have the American passport living outside the US most of them have bank accounts they should settle their tax situation.
Osama Eldahshoury said: The doors are open to submit the tax return from mid-January till the end of June 2016 and those who will not submit will be punished severely by paying $250000 and imprisonment for 5 years.
He said : USFAAF offices in Riyadh, Jeddah, Dubai and Cairo give consultancies free of charge and let the customers know their rights and obligations to avoid the severe punishment and lose the American passport.
Beside these punishment, there are other punishments will be imposed on banks for not cooperating by submitting bank statements for every customer holding the American passport.
Ahmed Abu Nar said: FATCA law states that every one has the American passport or the Green card can invest in any part of the world as long as he submits the tax return in due time.
Abu Nar added: Our 4 offices offer many other services such as Filing tax return and FBAR, Information about FATCA Programs for missing previous years and Issuing Social Security Numbers. — SG
