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US, Saint Lucia Sign FATCA IGA

by Mike Godfrey, Tax-News.com, Washington

23 November 2015


On November 19, the Prime Minister of St. Lucia, Kenny Anthony, and the US Ambassador to Barbados, the Eastern Caribbean, and the Organization of Eastern Caribbean States, Larry Palmer, signed an inter-governmental agreement (IGA) to facilitate compliance with the Foreign Account Tax Compliance Act (FATCA).

FATCA, enacted by the US Congress in 2010, requires all financial institutions (FIs) outside of the United States to submit regular information on financial accounts held by US persons to the Internal Revenue Service (IRS). Otherwise, certain payments of US-sourced income will face a 30 percent withholding tax.

Under the terms of the IGA, FIs in St. Lucia will be required to report information to the Inland Revenue Department, which will then relay that information to the IRS.

After the signing, Palmer said: "The United States welcomes St. Lucia's commitment to enhancing global financial transparency by improving international tax compliance. Today's signing marks a significant development in our nations' collaborative efforts to combat offshore tax evasion – an objective that mutually benefits our two countries."

TAGS: compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax information exchange agreement (TIEA) | tax compliance | Saint Lucia | FATCA | law | banking | Internal Revenue Service (IRS) | tax authority | agreements | withholding tax | United States | Compliance | Tax

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