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Montserrat Premier Highlights Tax Transparency Efforts

by Mike Godfrey, Tax-News.com, Washington

01 April 2014


Montserrat is taking steps to comply with the United States Foreign Account Tax Compliance Act (FATCA) and its United Kingdom equivalent, Premier Rueben Meade said in his budget speech on March 24, 2014.

The British Overseas Territory has signed an agreement with the UK on the exchange of information about UK taxpayers, the premier said. In addition, the government is working with the Eastern Caribbean Central Bank to introduce legislation aimed at complying with FATCA.

FATCA requires Foreign Financial Institutions (FFIs) to report to the US Internal Revenue Service (IRS) information on assets of USD50,000 or more held by US taxpayers, or by foreign entities in which US taxpayers hold substantial ownership interest. Failure of an FFI to submit information could result in a 30 percent withholding tax levied on certain payments, and may result in the potential loss of correspondent banking relationships.

The premier noted that Montserrat's regime to prevent fiscal crime has been backed by a number of institutions, including the International Monetary Fund, the World Bank, the Global Forum for Tax Transparency, and the Caribbean Financial Action Task Force.

The premier also noted in his speech that the government intends to implement several key physical and economic infrastructure projects to boost the local economy and cut the territory's reliance on UK funds by 2020.

TAGS: Institutions | Foreign Account Tax Compliance Act (FATCA) | tax | Montserrat | interest | FATCA | banking | budget | United Kingdom | Internal Revenue Service (IRS) | legislation | withholding tax | United States | Compliance | Tax

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