Another country to implement FATCA

By the Caribbean Journal staff

St Kitts and Nevis has signed an agreement with the United States to implement the US Foreign Account Tax Compliance Act.

The act, which was enacted by Congress in 2010, requires foreign banks to report to the US Internal Revenue Service information about financial accounts held by US tax payers or by foreign entities in which US taxpayers hold a substantial ownership interest.

The US has made that kind of information exchange a top priority in recent years.

“Every year, tax evasion deprives governments of all sizes of much-needed resources to fund public services and investments,” said US Ambassador to Barbados, the Eastern Caribbean, and the Organization of Eastern Caribbean States, Larry Palmer. “The United States welcomes St. Kitts and Nevis’ commitment to enhancing global financial transparency by improving international tax compliance.”

St Kitts and Nevis Prime Minister Dr Timothy Harris and Palmer signed the agreement.