Representatives and employees of various financial institutions on the island who do business with US persons will soon get an update on the Foreign Account Tax Compliance Act (FATCA).
The Barbados Revenue Authority (BRA) will host a public consultation entitled: “Implementing the Foreign Account Tax Compliance Act: Where Are We Now?” this Thursday, July 30, at the Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael, beginning at 8:00 a.m.
Minister of Finance, Christopher Sinckler, will deliver the feature address, while the Revenue Commissioner, Margaret Sivers, will give remarks.??Those persons interested in attending the event are required to register by 4:30 p.m. tomorrow, Tuesday, July 28. They should email the Authority at firstname.lastname@example.org, or call 430-3239. For additional information, persons may visit the website www.barbados.gov.bb/bra.
An official of the BRA explained that the consultation was being held for its FATCA stakeholders so as to update them on the implementation plan; to discuss all of the relevant information on the various requirements; and to facilitate compliance with FATCA???s obligations.
The spokesperson continued: ???Representatives and employees of such entities are therefore being urged to attend this informative session on FATCA, in order to take this opportunity to hear the facts, have key questions answered and present their views to the Authority.
???The consultation will feature a comprehensive presentation on the necessary procedures of FATCA reporting, as well as information that US customers of financial institutions in Barbados should know.???
FATCA was enacted by the US Congress to target non-compliance by US persons using foreign accounts. Such financial institutions in Barbados will be required to collect information about their US customers and submit that information to the Authority, which will in turn transmit that report to the Internal Revenue Service (IRS) in the US.