It was announced by the Treasury Department last week that the tax agreement signed between the United States and Antigua and Barbuda with regard to exchange of information has now come into force, and is effective from February 10 2003.
Diplomatic notes have been exchanged between the two parters, and the agreement, first signed on December 6, 2001 is now in compliance with both the US Internal Revenue Service code (1986, as amended), which relates to tax deductions for foreign conventions, and the provisions set out in the Caribbean Basin Economic Recovery Act of 1983.
Antigua and Barbuda is now considered part of the North American area for tax purposes. It will allow the authorities to determine whether US taxpayers can deduct costs arising from business seminars, meetings and conventions held in the jurisdiction.
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