|
REPLY TO THREAD
|
|
Subject
|
U.S. Currency Control Comes Into Effect Jan. 1, 2013! Will It Affect You?
|
|
User Name
|
|
|
|
|
|
|
| Font color:
Font:
|
|
|
|
|
|
Original Message
|
The law requires that any financial institution (US or foreign) remitting any foreign payment to a bank in such a country withhold 30 percent of the amount of such payment and remit that percentage to the Internal Revenue Service (IRS) as a tax.
A withholdable payment is defined as any payment of interest, dividends, rents, salaries, wages, premiums, annuities, compensation, enumerations, emoluments, and other fixed or determinable annual or periodical gains, profits and income, if such payment is from sources within the United States.
To wire transfer $100,000 to Panama, for example, to purchase a piece of real estate, one would have to agree to send $142,000 so that a net $100,000 would reach its destination. Who would be inclined or willing to pay 30 percent more in a global transaction in order to satisfy these requirements? Almost nobody.
[link to www.munknee.com]
|
|
Pictures (click to insert)
|
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | | | Next Page >> |
|
