Even as the banking sector elsewhere in the region appears to be forging ahead with preparations for compliance with the new United States Foreign Account Tax Compliance Act (FACTA) there remains an inexplicable silence in Guyana on just how commercial banks will respond to the new law.
FACTA will require non-US financial institutions to report to the Internal Revenue Service (IRS) information regarding financial accounts held by US taxpayers, including businesses and other entities in which they hold significant ownership interests.
