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During a party to announce launching Jeddah branch Of USFAAF
Jim O'Neill : We adjure all Emaratis having American nationality to submit tax return in due time
Jeddah: Jim O'Neill, Senior Vice President, USFAAF has adjurned all Emaratis and GCC nationals having the American Nationalities to submit the tax return in due time in order to avoid the severe punishments according to the American laws.
He added : we opened branches of FATCA in Dubai, Jeddah , Riyadh and Cairo to support those who born in the Staes by giving them free of charge consultancies To help them correcting their tax positions .
He 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
He disclosed that the opening branches in , Dubai, Cairo, Riyadh and Jeddah would help the Arab 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.
He noted that the importance of FACTA and opening these branches authorized and registered by IRS ( Internal Revenue Service ) would bar the Egyptians and all the Arabs from tough US punishments which amounts to huge fine in dollars and also imprisonment.
The USFAAF hold a party party recently in Jeddah to announce the official launching of Jeddah branch .
The event was attended by Jim O'Neill, 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.
Chelsea addressing the attendees 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.
She added that any Emarati or Arab born in the United States he is American in the eyes of the law and in this capacity he has to submit the tax return even if he does not have the American passport .
Chelsea Rebeck disclosed: 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 stated : 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 this 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.
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© Press Release 2016
