Photo Credit: Salome Worch

Israel’s Finance Ministry has agreed to implement sections of the US Foreign Account Tax Compliance Act. The deal will require Israeli banks and financial institutions to report on income held by US citizens living in Israel to the Internal Revenue Service.

IRS officials said Israeli banks who refuse to report their customers to the IRS would face a 30 percent withholding on money transfers originating in the United States.

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The agreement is relevant to US citizens, permanent residents, and to their businesses.

Reporting is scheduled to begin on July 1. The Bank of Israel has instructed Israeli banks to enact sanctions, including cessation of services, against customers who refuse to authorise the transfer of information to the IRS.

 

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24 COMMENTS

  1. How Quran Knows these sciences before your science? You Better research when science Proves these things, but in the Holy Quran God told to the humans about big bang theory, space science, rotation of stars and planets, shape and inside of earth, science of mountains, couples of plants and couples of everything, atom, before birth shapes of baby, no pain under the skin and many other sciences and many things before creation of skies, stars and planets and future of sky’s 1400 years ago. history never seen conversion of animal into the Human but thousands years ago many Jews has converted to the monkeys for punishment by God written in the Holy Quran. Was evolution that much sensible it removed long tail of Monkees, then why didn’t it remove little penis?

  2. US authorities shook down the famed Swiss bankers to cough up information about tax avoiders around five years ago, so this is not at all surprising….And Stan Fisher formerly of the Central Bank of Israel was just nominated to US Fed Vice Chairman, hahaha!

  3. Its not the US controlling Israeli banks…this is America controlling and spying on every bit of people who want to be Americans. Its another way of America taking away space. As a Jew who comes to Israel, screw America..turn your backs on this G”d forsaken country and just be Israeli and let America drown it its debt!

  4. The US is acting as an “equal opportunity” “big brother” to us all. (Somehow, I suspect, offshore Saudi money will stay safe. How would American politics operate without it?) All those who voted for Obama’s government, you deserve what he’s doing to you now.

  5. Obama is pro islam.and anti Israel
    American Jews support Obama.
    Muslims do not.want peace with Israel
    Muslims want another holocaust.
    Appeasement negotiations are useless
    Appeasement did not work with Hitler
    Seize full.control.of Jerusalem Gaza
    and not west bank

  6. America is one of two countries in the world (Eritrea being the other one) that taxes based on citizenship, rather than residence. Double taxation, not to mention taxation w/o representation and violation of privacy is unconstitutional. And, while it is true that the FCAT BS is aimed at all American ex-pats, the IRS has a special “Israel Project” that carpet bombs all American ex-pats living in Israel because of a handful of Yeshiva students who fudged places of employment to claim child returns. This so-called “Israel Project” is specific to Israel. When I spoke with the IRS agent on the phone (who happened to be African American) she said not all Israelis are liars, but most are. Imagine if I had responded, “not all blacks are criminals, but most are”….

  7. The United States does not formally or officially recognize dual citizenship, so whatever point you are trying to make is mute. Pick a country, one, and renounce your citizenship of the other, this isn’t rocket science. You don’t have a choice of where you are born but you do have a choice of where you want to be a citizen

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