Finance Minister Winston Jordan recently made an order to operationalise the government’s agreement to comply with the US Foreign Account Tax Compliance Act (FATCA).
Signed on October 17, 2016, the agreement formalises arrangements agreed to by the two governments in 2014. It provides for the sharing of income tax and other information from June 30, 2014, onwards.
The agreement, as published in the May 31, 2017 extraordinary edition of the Official Gazette where Jordan made the order, provides for the US government to collect information on accounts held in US financial institutions by Guyanese and share same with Guyana’s government, while receiving equivalent levels of exchange. The order states that it will come into operation upon written notification by the Guyana government to the United States government.
