Sibylle Rizk, left, Jean Riachi, Anita Vartanian, Daher, Chartouni and Bifani take part in the seminar in Beirut.
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Lebanon has declared its commitment to the international rules of automatic exchange of financial account information with the parliament's approval in 2015 on the tax information exchange law.As for FATCA, he continued, it commits foreign financial institutions to give tax information to the Internal Revenue Service or to the U.S. Customers Service.He said that some people in Lebanon wrongly believe that there is no need to worry about the secrecy of their accounts or income, since the new law that will be implemented by Lebanese banks starting September 2018 according to GATCA, will only affect nonresidents. However, he explained, this exchanged information can actually affect transactions processed by people living in Lebanon.
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