DEARBORN, Michigan – Starting in 2014, foreign financial institutions will have to tell the IRS about income of more than $100,000 accruing to American clients (or businesses owned by Americans of more than 15%), and they’ll have to withhold American income tax as appropriate. If they fail, they could face up to 30% withholding tax on payment from the U.S. to foreign banks. The new law has “forced thousands of naturalized Americans to give up their citizenship” and has aggravated the financial relationships between U.S. and foreign banks.
What is FATCA and why was it enacted?
What are the implications of the new law?
How would it affect investments between the U.S. and the Arab World?
Who will pay the price for such change?
Tune in to Radio Baladi (WNKZ 690AM or WDMB 700AM) at 8 a.m. EST Friday, March 28th, as host Mohamed Abdelzaher discusses the new tax law and its consequences on Arab American investments with Nayel Aljawabrah from Dubai, Dr. Ned Fawaz from Dearborn and Mohamed El Agamy from Cairo.
Nayel Aljawabrah is one of the major financial analysts in the Middle East and is the Middle East & Africa director at Lance Bank.
Mohamed Adel El Agamy , editor and a PhD economist researcher, economic journalist , and a trainer. He’s a member of the Egyptian Journalists Syndicate, World Journalists Organization. Mr El Agamy has a master’s in journalism from Ain Shams University in 2009, a diploma in politics and economics from the University of Cairo in 2005 and a bachelor’s of Arts Media from Al-Minya University in 1998. He’s the deputy head of the Economic Division at Al-Wafd newspaper.
Dr. Ned Fawaz is the Founder and Chief Executive Officer of Energy International Corporation; the founder and First Chairman of the American Arab Chamber of Commerce; president and founder of the Lebanese International Business Council (LIBC), an international organization promoting networking and cooperation among international businessmen; member of the Board of Michigan District Export Council (DEC), USA, appointed by the Secretary of Commerce to encourage and increase the export of U.S. products and technology and was appointed in May 2011 to the U.S. Small Business Administration’s (SBA) Council on Undeserved Communities (CUC).
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