Wednesday, December 23, 2015

Americans- Pay taxes or lose your Passport

KUWAIT CITY, Dec 22: Jim O’Neill, Vice-President of the American Bureau of Consulting and Audit who is also in charge of international activity was recently quoted as saying the passports of those who have obtained the American citizenship and reside outside the United States might be withdrawn if they fail to pay taxes latest by next month, reports Al-Shahed daily according quoting Foreign Account Tax Compliance Act (FATCA) sources.

O’Neill said as of Jan 1, 2016, the US Internal Revenue Service (IRS), which is the US government agency responsible for tax collection and tax law enforcement will track Americans who did not abide by this law, which obliges all financial institutions around the world to collect taxes from American customers whose accounts and income exceed $50,000 per annum.


5 comments :

  1. Americans expats are exempted from paying taxes on income up to $90,000 per year but are required to file a tax return.

    ReplyDelete
  2. FATCA made lot of Americans renounce their US citizenships.

    ReplyDelete
    Replies
    1. Which means people who don't work still have to pay a lot of money to have their taxes done here.

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    2. The IRS is one unforgiving, blood-sucking devil.

      Delete
  3. You could always email or magicjack call the states to get someone else do it for a better price.

    ReplyDelete

Comments are welcome! Personal attacks are not. Thanks!