ST JOHN’S, Antigua – With less than a year remaining before a US law relating to offshore accounts goes into effect, a Caribbean accounting firm has embarked on a region-wide sensitisation programme to alert businesses about the potential impact.
Deloitte Barbados said a seminar will be held in Barbados on February 3 on the Foreign Account Tax Compliance Act (FATCA) for members of the accounting, banking and financial fraternity.
Deloitte said the Act that was passed March 18, 2010, will likely have far reaching implications as it aims to address perceived tax abuse by Americans through offshore accounts.
The Treasury Department and the Internal Revenue Service (IRS) said the requirements would be phased in.
The legislation stipulates that US taxpayers with specified foreign financial assets that exceed certain thresholds must report them to the IRS.
In addition, FATCA will require foreign financial institutions to report directly to the IRS information about financial accounts held by US taxpayers or held by foreign entities in which US taxpayers hold a substantial ownership interest, an IRS statement said.
“This Act will go into effect from January 1, 2013, and will require many timely and costly changes for both US and non US entities,” Deloitte explained.
“Failure to institute the required changes may seriously impact financial institutions in Antigua and around the world.”
Deloitte said it has begun mobilising globally to work with affected entities to implement the new requirements.
“Leveraging upon this extensive global experience, Deloitte Barbados has established a FATCA desk to provide assistance in Barbados and across the Eastern Caribbean,” said Ikins Clarke, Partner with responsibility for Tax at the Barbados company.
The free seminar will provide details on the FATCA such as what it means for entities and what should be done now to prepare for it.
The Deloitte team would also discuss challenges, provide guidance and explain how Deloitte can help with FATCA readiness, a company release explained.
Clarke and Deloitte’s Enterprise Risk Services Manager, Krystle Leigh Jeffers, is scheduled to lead the seminar.
Why doesn’t someone on the planet earth grow a pair of balls and tell the IRS that they will not comply? Are the Chinese the only real men left in the world? Just tell the IRS and Congress: No, we will not comply. Then, your problem is solved. Simply inform the US government that you are an actual country, not a colony. The world is not a US colony. The US does not own or rule the entire world.
Hot debate. What do you think?
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So why doesn’t Antigua own up to SIB? Why is the US paying to clean up Antigua’s Knightsoil?
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Please be guided that this seminar will be held in Antigua and NOT Barbados on Friday 3 February, 2012 from 7:30 am at The City View Hotel.
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