The Local Inland Revenue Department said it has successfully completed its first upload of information to the United States IRS, in keeping with the Federal Accounts Tax Compliant Act (FATCA) agreement signed with the United States Government, to provide financial information on the accounts of persons with US Residency, living in SVG.
Kelvin Pompey, Comptroller of the Inland Revenue Department, said he is pleased with the level of response and co-operation extended by the various local financial institutions.
Mr. Pompey said that the procedure is not just an SVG/IRS arrangement only agreement, but it involves other Caribbean Countries.
The FATCA Law came into effect in 2012/2013, while the agreement between St. Vincent and the Grenadines was first signed in 2015.
The due date for the agreement is at the end of September each year.
Also, the Inland Revenue Department has already begun implementing plans for the provision of electronic receipts to all customers, who would be filing their returns electronically.
Mr. Pompey said this service should be ready by the end of this month and this will improve the quality of service to taxpayers.