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  1. #1
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    Default US and DR banks officially begin today to share info on US citizens bank accounts

    RD y Estados Unidos inician oficialmente intercambio de información de cuentas bancarias reportables
    22 julio, 2019//Noticias Economía, Finanzas e Inversiones.
    RD y Estados Unidos inician oficialmente intercambio de información de cuentas bancarias reportables

    Impuestos Internos comunicó la formal entrada en vigencia del Acuerdo Intergubernamental Estados Unidos-República Dominicana, para Mejorar el Cumplimiento Tributario Internacional (IGLA) y poder aplicar la Ley sobre el Cumplimiento Fiscal de Cuentas en el Extranjero (FATCA), ratificada por el Congreso Nacional.

    La entrada en vigor del acuerdo se produce a partir de la nota diplomática emitida el pasado miércoles 17 y notificada por el Ministerio de Relaciones Exteriores de la República Dominicana al Gobierno de Estados Unidos.

    El convenio regula el intercambio de información, a través de un sistema automatizado, de Cuentas Reportables entre los Estados Unidos y República Dominicana.

    En ese sentido, las entidades financieras dominicanas deberán identificar las cuentas de personas físicas, jurídicas u otras entidades especializadas como los fideicomisos estadounidenses, para remitir las informaciones pertinentes al Servicio de Impuestos Internos de Estados Unidos (IRS), desglosando sus movimientos, cuentas, recibos y otras operaciones.

    En tanto, Estados Unidos debe remitir al Gobierno dominicano informaciones sobre cuentas de los residentes en República Dominicana, mantenidas en instituciones financieras de ese país norteamericano.

    También dispone que en caso de que las instituciones financieras dominicanas no remitan las informaciones en el marco del acuerdo, se considerarían instituciones no cooperantes y estarían sujetas a una retención de un 30% sobre todas las transferencias que reciban desde Estados Unidos, ya sean directas o indirectas.

    El Ministerio de Hacienda, mediante la Resolución No. 137-2014, delegó en el Director General de Impuestos Internos las facultades de Autoridad Competente en materia de aplicación de los convenios internacionales para evitar la doble tributación y prevenir la evasión fiscal, en los convenios de intercambio de información tributaria y en el Acuerdo FATCA-IGA.

    Por ese motivo, Impuestos Internos adquirió en el 2017 una plataforma tecnológica para realizar el intercambio automático de información. Esta plataforma le permitirá a la institución recopilar las informaciones financieras suministradas por las instituciones de intermediación financieras locales para su posterior remisión al IRS de Estados Unidos.

    Ese mismo año la DGII impartió una serie de capacitaciones a los diferentes sectores financieros para el manejo de la plataforma y formato de envío de los reportes correspondientes. Cabe indicar que esta misma plataforma permitirá el intercambio automático con más de 130 jurisdicciones en el marco de la Convención Multilateral promovida por la OECD, una vez entre en vigencia.

  2. #2
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    Google Translation



    RD and the United States officially initiate the exchange of information from reportable bank accounts
    July 22, 2019 // News Economy, Finance and Investments.
    RD and the United States officially initiate the exchange of information from reportable bank accounts

    Internal Taxes communicated the formal entry into force of the United States-Dominican Republic Intergovernmental Agreement, to Improve International Tax Compliance (IGLA) and to apply the Law on Fiscal Compliance of Accounts Abroad (FATCA), ratified by the National Congress.

    The entry into force of the agreement takes place from the diplomatic note issued last Wednesday 17 and notified by the Ministry of Foreign Affairs of the Dominican Republic to the Government of the United States.

    The agreement regulates the exchange of information, through an automated system, of Reportable Accounts between the United States and the Dominican Republic.

    In this regard, Dominican financial entities must identify the accounts of individuals, legal entities or other specialized entities such as US trusts, to send relevant information to the Internal Revenue Service of the United States (IRS), including their movements, accounts, receipts and other operations.

    Meanwhile, the United States must send the Dominican Government information on the accounts of the residents of the Dominican Republic, held in financial institutions of that North American country.

    It also provides that in the event that Dominican financial institutions do not send information within the framework of the agreement, they would be considered non-cooperating institutions and would be subject to a 30% withholding on all transfers received from the United States, whether direct or hints

    The Ministry of Finance, through Resolution No. 137-2014, delegated to the General Director of Internal Taxes the Competent Authority powers in matters of application of international agreements to avoid double taxation and prevent tax evasion, in the agreements of exchange of tax information and in the FATCA-IGA Agreement.

    For this reason, Internal Taxes acquired in 2017 a technological platform to carry out the automatic exchange of information. This platform will allow the institution to collect the financial information provided by the local financial intermediation institutions for later reference to the IRS of the United States.

    That same year, the DGII gave a series of training sessions to the different financial sectors for the management of the platform and the format for sending the corresponding reports. It should be noted that this platform will allow automatic exchange with more than 130 jurisdictions within the framework of the Multilateral Convention promoted by the OECD, once it enters into force.

  3. #3
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    So much for "Land of the Free"!

    Uncle Sam will find you wherever you are and demand his pound of flesh.

    I never understood the reason why Americans have accepted to be taxed on their nationality, regardless of their global location.

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    Over-reaching democratic governments have long ago bought citizen acquiescence and compliance by handing them processed cheese slices paid for with their own money. Citizens will let their governments do pretty much as they please as long as the handouts continue.

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  7. #5
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    Quote Originally Posted by beeza View Post
    So much for "Land of the Free"!

    Uncle Sam will find you wherever you are and demand his pound of flesh.

    I never understood the reason why Americans have accepted to be taxed on their nationality, regardless of their global location.
    Some fight back, but are called "greedy, uncaring raysiss..."
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  9. #6
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    Uncle sugar isn't looking for a few Xpats parking 50 or 60 thousand U.S in Banco Popular to live off. They are looking for people using large financial instruments to hide cash and avoid big fees and taxes

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  11. #7
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    Quote Originally Posted by Big View Post
    Uncle sugar isn't looking for a few Xpats parking 50 or 60 thousand U.S in Banco Popular to live off. They are looking for people using large financial instruments to hide cash and avoid big fees and taxes
    IRS code specifically refers to bank accounts with $10,000 at any time during the year. That have the info. One can only hope they are looking for big fish, and not harassment of the little guys.

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    IMO, the key phrase there is "reportable accounts". We're careful to keep our DR account under 10K. We do still report that we have the account [on our tax return]. If it goes over 10K, we have to report the interest as income, along with the account #, Bank info, etc., PITA

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  14. #9
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    Quote Originally Posted by AlterEgo View Post
    IMO, the key phrase there is "reportable accounts". We're careful to keep our DR account under 10K. We do still report that we have the account [on our tax return]. If it goes over 10K, we have to report the interest as income, along with the account #, Bank info, etc., PITA
    I recall one must report an account only if it ever has more than $10,000. We have one small account for our web dev business that has never had $10,000 in it, so I don't report.

    I suppose the IRS can ask in an audit or demand letter, but now that they have access to all accounts by your SS# (or maybe Passport#), they would know already.
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    Quote Originally Posted by cobraboy View Post
    I recall one must report an account only if it ever has more than $10,000. We have one small account for our web dev business that has never had $10,000 in it, so I don't report.

    I suppose the IRS can ask in an audit or demand letter, but now that they have access to all accounts by your SS# (or maybe Passport#), they would know already.
    There is a question on tax return...Do you have a bank account in another country. Yes/No. Next question is if it's reportable. Y/N. If you say Yes, then they want Bank name, account number, highest balance in the year, amount of interest earned, etc. If you say No, nothing else.

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