fatca

The Libyan Foreign Bank has taken measures to comply with FATCA requirements and avoid paying a 30% tax penalty on income received from US sources. The measures carried out include:

1. Commitment was undertaken by the Bank to register with the IRS under the global identification number EH5XW2.00000.LE.434.
2. The collection of personal information regarding individuals and parameters about entities, in accordance with the requirements of the Foreign Account Tax Compliance Act when customers open a new account with the bank.
3. Examination of individual accounts opened before 1 July 2014 and accounts of entities opened before 1 January 2015.
4. Provide periodic reports to the IRS in accordance with the regulations of the Foreign Account Tax Compliance Act.