The American Tooling fight against tax leakage is more efficient in the world but ...
The agreement signed with Algiers puts uncomfortable shareholders of US multinationals that had signed contracts with Sonatrach during the security crisis had lived Algeria. Among them are prominent figures in the staff of Bush junior, as Dick Cheney or Rumsfeld.
That may be the subject of the agreement that will allow the collection of information on large fortunes and on international arms dealers.
Algeria's fortunes, as everyone knows, going instead to the acquisition of property in Spain, or in the cases in Switzerland and Luxembourg are bleaching or in the form of investments in tax havens in Latin America and in some Gulf countries.
The Algeria and the United States therefore have signed an intergovernmental agreement on the sharing of tax information. The agreement was signed Tuesday in Algiers by Algerian Finance Minister Abderrahmane Benkhalfa, and US Ambassador in Algiers, Joan A. Polaschik, reports the APS. This is a first between a country in North Africa and the USA in terms of tax control. It will "implement the provisions of the Law on tax compliance for Foreign (Foreign Account Tax Compliance Act)," said the US diplomat.
This law was enacted in the US in 2010 to fight against tax evasion abroad by obtaining information about accounts held by US taxpayers abroad.
Algerian side, the implementation of the agreement is provided in section 79 of the Finance Act 2015, to enable the provision of information on US taxpayers who have entered into contracts in Algeria.
We know that the US is not among the Algerian tax havens where some wealthy hide their money would go there. The few exceptions that may be tempted to know that the American tool against tax fraud is most efficient in the world. Therefore, this agreement would help more Americans to brew information on their nationals.
Thus, the agreement could be more beneficial to the US Administration for Algeria. But it will benefit, however, from the experience and expertise of the US in the fight against tax fraud, which has become the favorite game of "import-import gentlemen."
The legal arsenal that is taking shape between the two countries will also allow US investors to be free from compromises when signing contracts by direct agreement.
This is especially the gym which hurts the first Algerian Sonatrach What exporter.
The Algeria suffers, moreover, enormous tax fraud, both inside and outside, for lack of deterrents, both legislative and administrative.
This cooperation with the Americans, will no doubt, the acquisition of effectiveness to counter the phenomenon that is uncontrollable dimensions in time of austerity.