Workshop in Cooperation with Ernst and Young on May 18.2014

On Monday May 26.2014, Jordan Securities Commission JSC will hold a workshop for Financial Services Companies, Custodians and Mutual Funds on Foreign Account Tax Compliance Act FATCA. The workshop will be held in cooperation with Earnest and Young E&Y and will start at 10.00 AM at King Abdullah II hall at the Commission's headquarter.

The JSC sent invitations to these entities to attend an awareness workshop that identifies concerned and involved parties with this Act and mechanisms for applying it.

The FATCA aims to obtain information on U.S citizens having abroad incomes and assets, thus increasing compliance with American tax laws and reducing the levels of tax avoidance.

Furthermore, it provokes foreign financial institutions to sign agreements with the Internal Revenue Service IRS and to provide information about its U.S clients. Otherwise, the American authorities shall take measures against non-complying institutions such as deducting a certain percentage on money transfers received by them and they will not allow American financial institutions to cooperate with them.