08/28/2010 - Issue 0

Share/Bookmark Lifting baking secrecy will require government apporval

The Syrian government has approved amending some elements of Article 5 of Law # 30 for 2010, related to the lifting of banking secrecy in particular cases, when need may arise.

According to the new law, based on governmental approval, the Minister of Finance can call for lifting of banking secrecy in order to deal with issues of tax evasion. The circumstances in which this can happen include when requested by the General Assembly of Taxes and Tariffs, based on Law # 41 for 2007, in order to collect outstanding money for the state treasury, or when the Tax Evasion Commission make such a request, or when lifting of banking secrecy is needed in order to avoid double taxation.



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