CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. BVI in FATCA talks

BVI in FATCA talks

by Mike Godfrey, Tax-News.com, New York

22 August 2013


British Virgin Islands Premier Orlando Smith said on August 20, 2013 that the Caribbean territory has started talks with the US Treasury regarding the Foreign Account Tax Compliance Act (FATCA).

FATCA is intended to ensure that the Inland Revenue Service obtains information on accounts held abroad at foreign financial institutions (FFIs) by US taxpayers. Failure by an FFI to disclose information on their US clients, including account ownership, balances and amounts moving in and out of the accounts, will result in a requirement to withhold 30 percent tax on US-source income.

Smith told reporters that the British Virgin Islands is discussing an "intergovernmental agreement" with the US to comply with FATCA.

"We are of the very considered opinion that this course is the best one to adopt for the BVI," Smith said. He also pointed out that the territory's financial services industry agrees with this course of action.

On August 15, the Cayman Islands announced that it has concluded negotiations with the United States on agreements which pave the way for automatic exchange of information under FATCA.

Officials from the Bahamas and Bermuda have also expressed their intention to comply with FATCA.

TAGS: Foreign Account Tax Compliance Act (FATCA) | tax | Bahamas | FATCA | financial services | Bermuda | Cayman Islands | Virgin Islands | agreements | United States | British Virgin Islands | services | Compliance | Tax

To see today's news, click here.

Leave a comment

Read our Posting Guidelines

 






Close

Password Reminder

Please enter your email address to receive a password reminder.

 

Log into Tax-News+
Not registered yet? Find out about our daily news alert service »

 Email: 
 Password: 

Login »

Forgotten your password?







Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Tax-News+ Updates

Receive FREE daily updates from Tax-News.com, straight to your inbox. Register Now!

For a tailored solution, choose to receive selected news updates for your preferred jurisdictions and topics, with our enhanced Tax-News+ subscriber service. Read more...

 

Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »