(Barbados Nation) It will soon be more difficult for American citizens, companies and even Barbadians living in the United States to maintain bank accounts and do other financial transactions here.
In an effort to rein in billions of tax dollars, the United States government claims it is losing, from January 1, next year, all financial institutions will have to register and report directly to the Internal Revenue Service (IRS) on the financial accounts of all US taxpayers.
The annual reporting is required not only for funds held in banks and insurance companies but also any major investments Americans make in companies.
The laws are part of the United States Foreign Account Tax Compliance Act (FATCA), enacted by the American Congress in 2010.
