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The government of the British Virgin Islands has invited a specialist in the United States Foreign Accounts Tax Compliance Act to deliver special presentations, on September 19, to individuals affected by the law.
According to Financial Secretary Mr Neil Smith, the government commissioned professional services firm KPMG a few months ago to carry out a study on FATCA to better understand individuals' obligations and the ramifications for non-compliance, in addition to highlighting those persons who may be exempt from reporting under FATCA.
The financial secretary said that the specialist's visit is aimed at informing residents who may be unclear on their individual obligations under the US law, in addition to the role of the government of the Virgin Islands.
Mr Smith said, "What is important to note, is that FATCA gives the Internal Revenue Service (IRS) a new mechanism to collect information on US citizens that are not properly filing US income tax returns and reporting their bank accounts. The government really wants to ensure US citizens in the BVI are aware of their general US tax filing requirements."
He also said that the government's involvement with FATCA will take place through the negotiation of an Intergovernmental Agreement (IGA) with the United States. Its sole purpose is to make it easier for financial institutions to submit their reports to the Government of the Virgin Islands, rather than directly to the US tax authorities.
The government of the Virgin Islands remains committed to being fully compliant with global practices and standards to safeguard the reputation of the jurisdiction, the press release said.
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