Jamaica at final stage to implement FATCA

(Jamaica Gleaner) Next week, Jamaica and the United States (US) will officially sign the intergovernmental agreement (IGA) to implement the US’ Foreign Account Tax Compliance Act (FATCA), putting the island well ahead of its CARICOM counterparts.

“We have actually signed off on the text of the agreement and it is going to be signed between the minister of finance and the US charge d’affaires next week at the Ministry of Finance,” John Robinson, senior deputy governor at the Bank of Jamaica, told The Gleaner on Wednesday. “So we are well advanced in terms of documentary preparation for implementing this agreement, and the IGA takes effect upon signing.”

FATCA is aimed at accessing tax information on US citizens who have incomes abroad, and under the reciprocal agreement, the Jamaican tax authority will obtain similar information on Jamaican taxpayers who may be earning income or have deposits or other investments abroad.

Originally slated to be completed by tomorrow, financial institutions now have until May 5 to complete the registration for the reporting of the data.

Both countries will begin exchanging tax information between the respective tax departments – Tax Administration Jamaica (TAJ) and the US Internal Revenue Service (IRS) – by January of next year.

“Given that we had already reached an agreement in principle, and because we have reached this far this early – well ahead of other Caribbean countries – the US authorities have given the go-ahead for institutions to start registering already, and have published an … agreement on their website so that financial institutions here can already begin the registration process,” he said.

Once the legislation is in force, TAJ will begin collecting information from the financial institutions and pass it on to the IRS, while receiving similar information in return.

Comments  

Golding urges Caricom states to loosen chokehold on sovereignty

(Jamaica Observer) Caribbean Community (Caricom) states are being urged to loosen their chokehold on the concept of sovereignty and move now to fully embrace all tenets of the Treaty of Chaguaramas, specifically the Caribbean Single, Market and Economy (CSME).

Dwight Yorke sued by soca monarch over outstanding $$

(Trinidad Guardian) Former Manchester United striker Dwight Yorke was served legal documents before his Seas the Moment fete in Tobago on Saturday, as current Chutney Soca Monarch Neval Chatelal has sued him in an effort to recover $250,000 which was lent to Yorke last year.

Oxfam says Haiti director admitted using prostitutes

LONDON,  (Reuters) – Oxfam’s country director in Haiti admitted to using prostitutes at his residence during a relief mission before resigning in 2011, according to an internal investigation into allegations of sexual misconduct released by the charity yesterday.

Hunt continuing in T&T for ISIS cell members

(Trinidad Guardian) Networks of the ISIS cell in T&T which Prime Minister Dr Keith Rowley referred to in Parliament are spread from Aranjuez, Charlieville and Enterprise to Rio Claro among other locations, a national security official has said.

T&T Govt pays Cuffie’s $2.4m medical bill

(Trinidad Express) Government Minister Maxie Cuffie’s medical treatment and recovery has cost the Trinidad and Tobago taxpayers $2.49 million.

Your browser is out-of-date!

Update your browser to view this website correctly.

We built stabroeknews.com using new technology. This makes our website faster, more feature rich and easier to use for 95% of our readers.
Unfortunately, your browser does not support some of these technologies. Click the button below and choose a modern browser to receive our intended user experience.

Update my browser now

×