September 05, 2016
The Government of the Anguilla intends to sign an Inter-Governmental Agreement (IGA) with the United States of America (USA) that will facilitate compliance by financial institutions in Anguilla with the USA’s Foreign Account Tax Compliance Act (FATCA). On the 16th June, 2016 Executive Council authorized the signing of the FATCA IGA.
The Foreign Account Tax Compliance Act (FATCA) is a 2010 United States federal law requiring US Taxpayers including those living outside the U.S. to file yearly reports on their non-U.S. financial accounts. FATCA seeks to improve tax compliance through the introduction of a reporting regime for foreign financial institutions (FFIs) to identify and report, to the US Internal Revenue Service (IRS), information on assets of US$50,000.00 or more, held by US taxpayers, and for certain non-financial foreign entities (NFFEs) to identify US taxpayers hold substantial ownership interest. Failure of a financial institution to comply will result in a 30% withholding tax on payments that originate in the USA that are due to that financial institution and potential loss of its correspondent banking relationships.
The IGA will be based on the Model 1B Non-reciprocal agreement where Anguillian financial institutions will be required to report on US specified persons’ income from financial assets to the Government of Anguilla’s Competent Authority, The Office of the Comptroller of Inland Revenue, who will then forward these submissions to the United States Government. The first exchange of information will be by the 30 September, 2016.
The Government of Anguilla is currently in the final stages of the development of the system which will facilitate the receipt and transmission of data for FATCA purposes. Prior to launch, testing of the system will be conducted and relevant users of the system will be trained. The training period is scheduled from the 12th to the 23rd September, 2016. FFIs are kindly requested to contact Ms. Marisa Harding Hodge, Compliance Manager in the Ministry of Finance at email@example.com, to schedule their attendance to one of the training seminars.
For further information please email: firstname.lastname@example.org
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