Dp Requests Meeting Of Parliamentary Finance Committee To Discuss Execution Of Fatca
PHILIPSBURG, Sint Maarten –-The Democratic Party (DP) faction has requested the Finance Committee of Parliament to examine and discuss execution of the Foreign Account Tax Compliance Act (FATCA) by local banks in St. Maarten.
DP has proposed that the Bankers Association be invited to apprise Parliament of their experiences with this FATCA, which is a United States law that introduces a “reporting regime for financial institutions with respect to certain accounts.†Under this law, Foreign Financial Institutions (FFIs), such as banks, are required to report about certain foreign financial accounts and offshore assets of US taxpayers.
Another way to ensure compliance with the FATCA in foreign jurisdictions, has been with the so-called Intergovernmental Agreements.
“If a jurisdiction enters into an Intergovernmental Agreement (IGA) to implement FATCA, the reporting and other compliance burdens on the financial institutions in the jurisdiction may be simplified Read more
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