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President Donald Trump Sunday, the Treasury Department on Truth Social for having announced that it suspended the application of the requirement to declare information on information on ownership (BOI) for American citizens and domestic companies.
The Biden era initiative indicates that you may have to report certain information on your beneficial owners to the Ministry of the Financial Treasury Crimes Network (Fincen), according to the IRS.
Trump described the requirement as “scandalous and invasive”.
President Trump congratulated the Treasury Department on Sunday in the evening for his recent decision to suspend the application of property reporting requirements. (Reuters / Dado Ruvic / Illustration / Reuters Photos)
“An exciting news! The Treasury Department has announced that they suspend any application of the requirement to declare information on the beneficial and invasive beneficial property (BOI) for American citizens,” wrote Trump. “This Biden rule was an absolute disaster for Small businesses nationally. In addition, the Treasury now finalizes an emergency regulation to officially suspend this rule for American companies. The economic threat of reports of the BOs will soon be. “”
The Treasury Department has announced in a Series of messages on X That the sanctions or fines associated with the BO will not be applied, and the penalties no longer against American citizens or the companies of domestic reports or their beneficial owners.
The secretary of the Treasury, Bessent, offers Zelenskyy an economic investment agreement
BOI penalties or fines will not be applied, and penalties no longer against American citizens, national declaration companies or their beneficial owners, the ministry said. (Istock / Istock)
Instead, the objective will only turn to foreign companies.
“The Treasury takes this step in the interest of supporting American taxpayers who work hard and small businesses and to ensure that the rule is well suited to advance the public interest,” said the ministry.
The secretary of the Treasury of President Trump, Scott Bessent, speaks for his confirmation audience of the Senate financial committee on January 16. (Chen Mengtong / China News Service / VCG via Getty Images / Getty Images)
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“This is a victory for common sense,” Treasury secretary Scott Bessent said. “Today’s action is part of President Trump’s daring agenda to release US prosperity by reinventing heavy regulations, especially for small businesses that are the backbone of the American economy.”
This decision comes as Trump’s decrees refine border prices and align with its broader economic commitment to reduce between $ 1.5 billion of dollars and $ 2 billion in federal spending.
