Anguilla To Sign FATCA Agreement
by Mike Godfrey, Lowtax.net, Washington
06 December, 2016
Anguilla's Inland Revenue Department has said that the island intends to sign an Inter-Governmental Agreement (IGA) with the United States covering the US Foreign Account Tax Compliance Act (FATCA).
FATCA, which was enacted by the US Congress in 2010 and which took effect on July 1, 2014, is intended to ensure that the Internal Revenue Service obtains information on financial accounts held at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients would result in a requirement to withhold 30 percent tax on payments of US-sourced income.
Anguilla's Government authorized the signing of an IGA with the US on June 16, 2016, and the final text of the agreement has been agreed between the US and Anguillian Governments. The IGA will commence when it has been signed.
Anguilla's Inland Revenue Department said that once the agreement is in force, regulations implementing FATCA on the island will be presented to Anguilla's Government for ratification and the reporting deadline will then be issued.
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