A week before the local commercial banking system is expected to become compliant with the provisions of the United States’ Foreign Account Tax Compliance Act (FATCA), Republic Bank (Guyana) Ltd has announced that it will shortly be communicating with its customers in Guyana who are expected to be affected by the provisions of the US legislation.
FATCA was enacted by the US in March 2010 as a mechanism designed to reduce the level of tax evasion which currently exists.
A statement issued by Republic Bank earlier this week said “the main purpose of FATCA is to ensure that United States persons disclose their
