Foreign Account Tax Compliance Symposium Opens in Doha

Doha, January 14 (QNA) - The Foreign Account Tax Compliance Act (FATCA) Symposium opened here Monday with key representatives from US and UK Treasuries, GCC central banks, Ministries of Finance and tax experts in attendance at the Ritz-Carlton Doha. HE the Governor of Qatar Central Bank Sheikh Abdulla bin Saud Al Thani welcomed participants at the Symposium, organized by Qatar Central Bank along with the Qatar Financial Markets Authority, and the Qatar Financial Centre Regulatory Authority. Ms Danielle Rolfes and Jesse Eggert from the US Treasury and Housden from the UK Treasury are attending as well as representatives of Deloitte and Touche, Ernst & Young, KPMG, and PriceWaterhouse Coopers. In his welcome address HE QCB Governor Sheikh Abdulla bin Saud Al Thani said, "The enactment of FATCA by the US Congress in 2010, aims mainly to combat tax evasion by US persons holding financial assets overseas. This new law covers US Citizens, including those with dual nationality, and Green Card holders. "This Symposium aims to address the requirements of this law and presents a valuable opportunity for all participants among government and financial officials in the State of Qatar and GCC countries to discuss with the US Treasury representatives the requirements of FATCA and the progress made by the United States in the areas of implementation and bilateral agreements on information exchange." This Symposium also benefits from the participation of a representative of the UK Treasury in today's discussions. It is worth mentioning that a bilateral arrangement on FATCA was signed between the United States and the United Kingdom in September 2012, the QCB Governor said. "Failure to comply with FATCA will expose non-U.S. financial institutions to reputational and other economic risks. The implementation of the law may be subject to a number of legal challenges," he cautioned, but expressed optimism that the deliberations at the Symposium would result in recommendations and solutions to challenges." (QNA)