Barbados To Host FATCA Seminar
The Barbados Revenue Authority (BRA) will host a public seminar this week entitled “Implementing the Foreign Account Tax Compliance Act: Where Are We Now?”
The event will provide representatives and employees of financial institutions who do business with US persons with an update on the US Foreign Account Tax Compliance Act (FATCA). Speakers include the Barbados Minister of Finance and Revenue Commissioner.
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.
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 in the US.
A spokesperson said: “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.”