Prime Minister Dr. Ralph Gonsalves says the Government is committed to meeting the deadline to commence reporting to the US Internal Revenue Service IRS.
To facilitate this process, an Inter-Governmental Agreement was signed between St. Vincent and the Grenadines and the United States on Tuesday for the implementation of the FATCA.
FATCA is a Foreign Account Tax Compliance Account which was introduced by the US Treasury. Under this model, reporting must be done by September 30th each year.
Speaking at the signing ceremony, Prime Minister Gonsalves said the Government intends to bring the Bill into law in time for the deadline for the commencement of reporting under FATCA.
Meanwhile … US Ambassador to Barbados and the OECS, Larry Palmer said the United States welcomes this country’s commitment to enhancing global financing transparency by signing the Tax Compliance Act.